Markeplulse Project

Predicting change in market direction after Federal Open Market Comission statements

We define change in market direction taking the percent change in price from the 20 trading days (approx. 4 weeks) before the statement as the base direction. Then, for each day, we calculate the percent change from the day of the statement until that day. The difference between the change after the statement and beforehand is the change in market direction.

The models are fit on the change in market direction of every day of the 40 days (approx. 8 weeks) after satement for every ticker.

1. Imports, load data, and fit models

import pickle
import pandas as pd

from scripts.plots import accuracy_plot, correlation_plot, topic_plot, shap_plot

def load():

    docs = pd.read_parquet('./data/test_statements.parquet')

    prices = pd.read_parquet('./data/prices.parquet')
    prices = prices.loc[docs.index]
    
    with open('./models/tfidf.pkl', 'rb') as f:
        tfidf_model = pickle.load(f)

    with open('./models/transformer.pkl', 'rb') as f:
        transformer_model = pickle.load(f)

    return docs, prices, tfidf_model, transformer_model


try:

    docs, prices, tfidf_model, transformer_model = load()

except FileNotFoundError as e:
    
    print(f'{e.strerror}: {e.filename}')
    !python train.py ./tickers.csv '2008-01-01' '2024-07-01' --model philschmid/bge-base-financial-matryoshka
    docs, prices, tfidf_model, transformer_model = load()

No such file or directory: ./data/test_statements.parquet

For all of the transformer models we used the philschmid/bge-base-financial-matryoshka model. Other models gave similar results as long as they where fine-tuned on financial data.

2. Models

We created two models:

1. A tf-idf model. This model creates six topics form the word frequencies and then fits a linear regression model on these topics to predict the change in market direction.

tfidf_model

Pipeline(steps=[('sentenceselector',
                 SentenceSelector(condition=Exclude voting, email, notes and sentences with less than 15 words,
                                  encoder=philschmid/bge-base-financial-matryoshka,
                                  estimator=KNeighborsRegressor(),
                                  examples=Contains ('the committee decided' & '{x}percent') | 'Federal Reserve Actions',
                                  splitter=Split by line)),
                ('tfidfvectorizer', TfidfVectorizer(max_df=0.5, min_df=0.05)),
                ('nmf', NMF(max_iter=1000, n_components=6, random_state=0)),
                ('linearregression', LinearRegression())])

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2. A transformers based model. This model creates embeddings using the sentence transformers library, followed by pca for dimesionality reduction, and then a linear regression model to predict the change in market direction.

transformer_model

Pipeline(steps=[('sentenceselector',
                 SentenceSelector(condition=Exclude voting, email, notes and sentences with less than 15 words,
                                  encoder=philschmid/bge-base-financial-matryoshka,
                                  estimator=KNeighborsRegressor(),
                                  examples=Contains ('the committee decided' & '{x}percent') | 'Federal Reserve Actions',
                                  splitter=Split by line)),
                ('encodertransformer',
                 EncoderTransformer(model_name='philschmid/bge-base-financial-matryoshka')),
                ('pca', PCA(n_components=24)),
                ('linearregression', LinearRegression())])

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Much of the text of the FOMC statements is not directly relevent and detrracted form model performance. Therefore, as a first step, we created a Sentence Selector which breaks the statement into paragraphs and chooses the most relevent paragraph using hand picked examples of relevent paragraphs. Both models share this step, which uses a transformer model to create embeddings for use in this similarity search.

tfidf_model.named_steps['sentenceselector']

SentenceSelector(condition=Exclude voting, email, notes and sentences with less than 15 words,
                 encoder=philschmid/bge-base-financial-matryoshka,
                 estimator=KNeighborsRegressor(),
                 examples=Contains ('the committee decided' & '{x}percent') | 'Federal Reserve Actions',
                 splitter=Split by line)

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Both models use dimensionality reduction. The transformer model uses pca, the standard dimensionality reduction. The tf-df model uses non-negative matrix factoring, which is better at finding topics. Without dimensionality reduction, the models overfit, mostly due to the small data size.

3. Plots

1. Accuracy plot comparing the balanced accuracy of both models of a prediction of either a positive or negative affect on market direction.

accuracy_plot(docs, prices, {'tfidf':tfidf_model, 'transformer':transformer_model});

2. Correlation plot comparing the pearson correlation of both models. The accuracy is not very high because there are a lot of other factors behind the changes in prices. However, there is a clear correlation for most of the tickers, which indicates that the models are showing true effects of the FOMC statements, even though there are other confounding factors.

correlation_plot(docs, prices, {'tfidf':tfidf_model, 'transformer':transformer_model});

From the correlation plot, we can clearly see, at around the 20 day mark, an uptick in the correlations of our predictions with the stock prices of the those tickers that represnt stocks. This seems to indicate that the effects that our model is finding actually relates more to the actual policy mentioned in the statement than to the text of the statement, which is possibly why we get better results after the policy has been implemented for some time.

3. Topic wordclouds. Each topic from the tf-idf model is represented by a wordcloud,. For each ticker, the coefficients for each topic are shown

topic_plot(*tfidf_model[1:], prices);

4. Shap plot. We took 5 random examples from the test data and created a shap plot for each. The shap plots show the impact of each word in the statement on the predictions of the transformer model.

examples = [
    '2012-12-12',
    '2021-06-16',
    '2009-08-12',
    '2019-03-20',
    '2010-05-09',
]

shap_plot(transformer_model, docs, prices, examples, 30, '\s');

August 12, 2009

outputs

S&P 500

Russell 2000

NASDAQ Composite

Volatility Index

13 Week Treasury Bill

Treasury Yield 30 Years

inputs

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To support

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continued progress

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toward maximum

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employment

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and

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price stability,

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the Committee

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expects that a highly

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accommodative stance of monetary

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policy will

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remain appropriate

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for a considerable time

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after the asset purchase

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program ends and

-0.01 / 4

the economic recovery strengthens.

-0.007 / 4

In particular, the Committee

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decided to keep the

-0.007 / 4

target range for the

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federal funds rate at

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0 to 1/4 percent and

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currently anticipates that this

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exceptionally low range for

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the federal funds rate

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will be appropriate at

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least as long as

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the unemployment rate remains

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above 6-1/2 percent, inflation

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between one and

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two years

-0.004 / 2

ahead is

-0.004 / 4

projected to be no

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more than a half percentage point above the

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Committee’s

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2

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percent longer-run

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goal,

-0.006

and

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longer-term inflation

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expectations continue

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to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.

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In determining how long

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to maintain a highly

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accommodative stance of monetary policy, the Committee will

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also consider other information, including additional measures of

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labor market conditions, indicators of inflation pressures

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and inflation expectations, and

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readings on

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financial

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developments.

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When the

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Committee

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decides

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to begin

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to remove

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policy

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accommodation,

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it

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will

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take a

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balanced

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approach

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consistent with

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its longer-run

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goals of

0.001 / 2

maximum employment

-0.0

and

-0.001 / 2

inflation of

-0.001 / 2

2 percent.

inputs

-0.001 / 2

To support

-0.004 / 2

continued progress

0.0 / 2

toward maximum

0.001

employment

-0.0

and

-0.002 / 2

price stability,

-0.001 / 2

the Committee

-0.002 / 4

expects that a highly

-0.0 / 4

accommodative stance of monetary

-0.003 / 2

policy will

-0.004 / 2

remain appropriate

-0.002 / 4

for a considerable time

0.001 / 4

after the asset purchase

-0.003 / 3

program ends and

-0.01 / 4

the economic recovery strengthens.

-0.007 / 4

In particular, the Committee

-0.009 / 4

decided to keep the

-0.007 / 4

target range for the

0.019 / 4

federal funds rate at

0.01 / 5

0 to 1/4 percent and

0.005 / 4

currently anticipates that this

0.004 / 4

exceptionally low range for

0.009 / 4

the federal funds rate

0.008 / 4

will be appropriate at

-0.003 / 4

least as long as

-0.002 / 4

the unemployment rate remains

0.0 / 4

above 6-1/2 percent, inflation

0.0 / 3

between one and

-0.003 / 2

two years

-0.004 / 2

ahead is

-0.004 / 4

projected to be no

-0.003 / 8

more than a half percentage point above the

-0.001

Committee’s

-0.002

2

-0.004 / 2

percent longer-run

-0.006

goal,

-0.006

and

-0.005 / 2

longer-term inflation

-0.005 / 2

expectations continue

0.006 / 16

to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.

-0.001 / 4

In determining how long

-0.003 / 4

to maintain a highly

0.002 / 8

accommodative stance of monetary policy, the Committee will

-0.0 / 8

also consider other information, including additional measures of

-0.002 / 7

labor market conditions, indicators of inflation pressures

-0.002 / 4

and inflation expectations, and

0.009 / 2

readings on

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financial

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developments.

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When the

0.002

Committee

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decides

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to begin

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to remove

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policy

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accommodation,

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it

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will

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take a

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balanced

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approach

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consistent with

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its longer-run

-0.005 / 2

goals of

0.001 / 2

maximum employment

-0.0

and

-0.001 / 2

inflation of

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2 percent.

inputs

0.002 / 2

To support

-0.006 / 2

continued progress

0.001 / 2

toward maximum

0.001

employment

0.001

and

-0.003 / 2

price stability,

-0.002 / 2

the Committee

-0.004 / 4

expects that a highly

0.007 / 4

accommodative stance of monetary

-0.003 / 2

policy will

-0.004 / 2

remain appropriate

0.003 / 4

for a considerable time

0.005 / 4

after the asset purchase

-0.001 / 3

program ends and

-0.014 / 4

the economic recovery strengthens.

-0.012 / 4

In particular, the Committee

-0.015 / 4

decided to keep the

-0.009 / 4

target range for the

0.022 / 4

federal funds rate at

0.01 / 5

0 to 1/4 percent and

0.009 / 4

currently anticipates that this

0.009 / 4

exceptionally low range for

0.014 / 4

the federal funds rate

0.013 / 4

will be appropriate at

-0.003 / 4

least as long as

-0.003 / 4

the unemployment rate remains

0.007 / 4

above 6-1/2 percent, inflation

0.007 / 3

between one and

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two years

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ahead is

-0.008 / 4

projected to be no

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more than a half percentage point above the

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Committee’s

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2

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percent longer-run

-0.009

goal,

-0.007

and

-0.006 / 2

longer-term inflation

-0.007 / 2

expectations continue

0.012 / 16

to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.

-0.002 / 4

In determining how long

-0.003 / 4

to maintain a highly

0.003 / 8

accommodative stance of monetary policy, the Committee will

0.005 / 8

also consider other information, including additional measures of

0.0 / 7

labor market conditions, indicators of inflation pressures

0.0 / 4

and inflation expectations, and

0.017 / 2

readings on

0.005

financial

0.005

developments.

-0.001 / 2

When the

0.001

Committee

0.002

decides

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to begin

-0.001 / 2

to remove

0.005

policy

0.004

accommodation,

-0.002

it

-0.002

will

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take a

-0.002

balanced

-0.001

approach

-0.007 / 2

consistent with

-0.01 / 2

its longer-run

-0.005 / 2

goals of

0.003 / 2

maximum employment

-0.0

and

-0.0 / 2

inflation of

-0.003 / 2

2 percent.

inputs

0.002 / 2

To support

-0.006 / 2

continued progress

0.001 / 2

toward maximum

0.001

employment

0.001

and

-0.003 / 2

price stability,

-0.002 / 2

the Committee

-0.004 / 4

expects that a highly

0.007 / 4

accommodative stance of monetary

-0.003 / 2

policy will

-0.004 / 2

remain appropriate

0.003 / 4

for a considerable time

0.005 / 4

after the asset purchase

-0.001 / 3

program ends and

-0.014 / 4

the economic recovery strengthens.

-0.012 / 4

In particular, the Committee

-0.015 / 4

decided to keep the

-0.009 / 4

target range for the

0.022 / 4

federal funds rate at

0.01 / 5

0 to 1/4 percent and

0.009 / 4

currently anticipates that this

0.009 / 4

exceptionally low range for

0.014 / 4

the federal funds rate

0.013 / 4

will be appropriate at

-0.003 / 4

least as long as

-0.003 / 4

the unemployment rate remains

0.007 / 4

above 6-1/2 percent, inflation

0.007 / 3

between one and

-0.008 / 2

two years

-0.007 / 2

ahead is

-0.008 / 4

projected to be no

-0.01 / 8

more than a half percentage point above the

-0.003

Committee’s

-0.006

2

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percent longer-run

-0.009

goal,

-0.007

and

-0.006 / 2

longer-term inflation

-0.007 / 2

expectations continue

0.012 / 16

to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.

-0.002 / 4

In determining how long

-0.003 / 4

to maintain a highly

0.003 / 8

accommodative stance of monetary policy, the Committee will

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also consider other information, including additional measures of

0.0 / 7

labor market conditions, indicators of inflation pressures

0.0 / 4

and inflation expectations, and

0.017 / 2

readings on

0.005

financial

0.005

developments.

-0.001 / 2

When the

0.001

Committee

0.002

decides

0.002 / 2

to begin

-0.001 / 2

to remove

0.005

policy

0.004

accommodation,

-0.002

it

-0.002

will

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take a

-0.002

balanced

-0.001

approach

-0.007 / 2

consistent with

-0.01 / 2

its longer-run

-0.005 / 2

goals of

0.003 / 2

maximum employment

-0.0

and

-0.0 / 2

inflation of

-0.003 / 2

2 percent.

inputs

-0.001 / 2

To support

-0.002 / 2

continued progress

0.0 / 2

toward maximum

0.001

employment

0.0

and

-0.002 / 2

price stability,

0.001 / 2

the Committee

-0.003 / 4

expects that a highly

-0.001 / 4

accommodative stance of monetary

-0.006 / 2

policy will

-0.007 / 2

remain appropriate

-0.007 / 4

for a considerable time

-0.004 / 4

after the asset purchase

-0.007 / 3

program ends and

-0.005 / 4

the economic recovery strengthens.

-0.001 / 4

In particular, the Committee

-0.008 / 4

decided to keep the

-0.007 / 4

target range for the

0.013 / 4

federal funds rate at

0.008 / 5

0 to 1/4 percent and

0.006 / 4

currently anticipates that this

0.006 / 4

exceptionally low range for

0.006 / 4

the federal funds rate

0.005 / 4

will be appropriate at

-0.003 / 4

least as long as

-0.003 / 4

the unemployment rate remains

0.002 / 4

above 6-1/2 percent, inflation

0.001 / 3

between one and

-0.003 / 2

two years

-0.004 / 2

ahead is

-0.003 / 4

projected to be no

0.0 / 8

more than a half percentage point above the

0.001

Committee’s

-0.001

2

-0.004 / 2

percent longer-run

-0.005

goal,

-0.004

and

-0.004 / 2

longer-term inflation

-0.004 / 2

expectations continue

0.004 / 16

to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.

-0.003 / 4

In determining how long

-0.004 / 4

to maintain a highly

0.001 / 8

accommodative stance of monetary policy, the Committee will

-0.003 / 8

also consider other information, including additional measures of

-0.003 / 7

labor market conditions, indicators of inflation pressures

-0.003 / 4

and inflation expectations, and

0.008 / 2

readings on

0.002

financial

0.002

developments.

0.003 / 2

When the

0.005

Committee

0.004

decides

0.001 / 2

to begin

0.001 / 2

to remove

0.002

policy

0.002

accommodation,

0.0

it

-0.001

will

-0.003 / 2

take a

-0.003

balanced

-0.003

approach

-0.006 / 2

consistent with

-0.006 / 2

its longer-run

-0.006 / 2

goals of

-0.0 / 2

maximum employment

-0.001

and

-0.0 / 2

inflation of

0.0 / 2

2 percent.

inputs

-0.001 / 2

To support

-0.002 / 2

continued progress

0.0 / 2

toward maximum

0.001

employment

0.0

and

-0.002 / 2

price stability,

0.001 / 2

the Committee

-0.003 / 4

expects that a highly

-0.001 / 4

accommodative stance of monetary

-0.006 / 2

policy will

-0.007 / 2

remain appropriate

-0.007 / 4

for a considerable time

-0.004 / 4

after the asset purchase

-0.007 / 3

program ends and

-0.005 / 4

the economic recovery strengthens.

-0.001 / 4

In particular, the Committee

-0.008 / 4

decided to keep the

-0.007 / 4

target range for the

0.013 / 4

federal funds rate at

0.008 / 5

0 to 1/4 percent and

0.006 / 4

currently anticipates that this

0.006 / 4

exceptionally low range for

0.006 / 4

the federal funds rate

0.005 / 4

will be appropriate at

-0.003 / 4

least as long as

-0.003 / 4

the unemployment rate remains

0.002 / 4

above 6-1/2 percent, inflation

0.001 / 3

between one and

-0.003 / 2

two years

-0.004 / 2

ahead is

-0.003 / 4

projected to be no

0.0 / 8

more than a half percentage point above the

0.001

Committee’s

-0.001

2

-0.004 / 2

percent longer-run

-0.005

goal,

-0.004

and

-0.004 / 2

longer-term inflation

-0.004 / 2

expectations continue

0.004 / 16

to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.

-0.003 / 4

In determining how long

-0.004 / 4

to maintain a highly

0.001 / 8

accommodative stance of monetary policy, the Committee will

-0.003 / 8

also consider other information, including additional measures of

-0.003 / 7

labor market conditions, indicators of inflation pressures

-0.003 / 4

and inflation expectations, and

0.008 / 2

readings on

0.002

financial

0.002

developments.

0.003 / 2

When the

0.005

Committee

0.004

decides

0.001 / 2

to begin

0.001 / 2

to remove

0.002

policy

0.002

accommodation,

0.0

it

-0.001

will

-0.003 / 2

take a

-0.003

balanced

-0.003

approach

-0.006 / 2

consistent with

-0.006 / 2

its longer-run

-0.006 / 2

goals of

-0.0 / 2

maximum employment

-0.001

and

-0.0 / 2

inflation of

0.0 / 2

2 percent.

inputs

-0.001 / 2

To support

0.019 / 2

continued progress

0.016 / 2

toward maximum

0.008

employment

0.016

and

-0.008 / 2

price stability,

-0.018 / 2

the Committee

-0.005 / 4

expects that a highly

0.011 / 4

accommodative stance of monetary

0.006 / 2

policy will

0.011 / 2

remain appropriate

-0.001 / 4

for a considerable time

-0.018 / 4

after the asset purchase

-0.002 / 3

program ends and

0.012 / 4

the economic recovery strengthens.

-0.002 / 4

In particular, the Committee

0.053 / 4

decided to keep the

0.053 / 4

target range for the

-0.032 / 4

federal funds rate at

-0.006 / 5

0 to 1/4 percent and

-0.009 / 4

currently anticipates that this

-0.006 / 4

exceptionally low range for

-0.017 / 4

the federal funds rate

-0.014 / 4

will be appropriate at

0.001 / 4

least as long as

0.0 / 4

the unemployment rate remains

-0.019 / 4

above 6-1/2 percent, inflation

-0.019 / 3

between one and

0.01 / 2

two years

0.013 / 2

ahead is

-0.005 / 4

projected to be no

0.021 / 8

more than a half percentage point above the

-0.006

Committee’s

0.011

2

0.026 / 2

percent longer-run

0.025

goal,

-0.001

and

0.004 / 2

longer-term inflation

0.003 / 2

expectations continue

-0.014 / 16

to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.

0.008 / 4

In determining how long

0.012 / 4

to maintain a highly

-0.007 / 8

accommodative stance of monetary policy, the Committee will

-0.011 / 8

also consider other information, including additional measures of

-0.008 / 7

labor market conditions, indicators of inflation pressures

-0.007 / 4

and inflation expectations, and

-0.041 / 2

readings on

-0.013

financial

-0.012

developments.

-0.013 / 2

When the

-0.023

Committee

-0.022

decides

0.005 / 2

to begin

0.012 / 2

to remove

-0.002

policy

0.003

accommodation,

-0.001

it

0.001

will

0.015 / 2

take a

0.012

balanced

0.014

approach

0.012 / 2

consistent with

0.03 / 2

its longer-run

0.029 / 2

goals of

0.01 / 2

maximum employment

0.01

and

-0.002 / 2

inflation of

0.007 / 2

2 percent.

inputs

-0.001 / 2

To support

0.019 / 2

continued progress

0.016 / 2

toward maximum

0.008

employment

0.016

and

-0.008 / 2

price stability,

-0.018 / 2

the Committee

-0.005 / 4

expects that a highly

0.011 / 4

accommodative stance of monetary

0.006 / 2

policy will

0.011 / 2

remain appropriate

-0.001 / 4

for a considerable time

-0.018 / 4

after the asset purchase

-0.002 / 3

program ends and

0.012 / 4

the economic recovery strengthens.

-0.002 / 4

In particular, the Committee

0.053 / 4

decided to keep the

0.053 / 4

target range for the

-0.032 / 4

federal funds rate at

-0.006 / 5

0 to 1/4 percent and

-0.009 / 4

currently anticipates that this

-0.006 / 4

exceptionally low range for

-0.017 / 4

the federal funds rate

-0.014 / 4

will be appropriate at

0.001 / 4

least as long as

0.0 / 4

the unemployment rate remains

-0.019 / 4

above 6-1/2 percent, inflation

-0.019 / 3

between one and

0.01 / 2

two years

0.013 / 2

ahead is

-0.005 / 4

projected to be no

0.021 / 8

more than a half percentage point above the

-0.006

Committee’s

0.011

2

0.026 / 2

percent longer-run

0.025

goal,

-0.001

and

0.004 / 2

longer-term inflation

0.003 / 2

expectations continue

-0.014 / 16

to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.

0.008 / 4

In determining how long

0.012 / 4

to maintain a highly

-0.007 / 8

accommodative stance of monetary policy, the Committee will

-0.011 / 8

also consider other information, including additional measures of

-0.008 / 7

labor market conditions, indicators of inflation pressures

-0.007 / 4

and inflation expectations, and

-0.041 / 2

readings on

-0.013

financial

-0.012

developments.

-0.013 / 2

When the

-0.023

Committee

-0.022

decides

0.005 / 2

to begin

0.012 / 2

to remove

-0.002

policy

0.003

accommodation,

-0.001

it

0.001

will

0.015 / 2

take a

0.012

balanced

0.014

approach

0.012 / 2

consistent with

0.03 / 2

its longer-run

0.029 / 2

goals of

0.01 / 2

maximum employment

0.01

and

-0.002 / 2

inflation of

0.007 / 2

2 percent.

inputs

-0.025 / 2

To support

0.03 / 2

continued progress

-0.223 / 2

toward maximum

-0.122

employment

-0.214

and

0.092 / 2

price stability,

0.226 / 2

the Committee

-0.194 / 4

expects that a highly

-0.393 / 4

accommodative stance of monetary

-0.341 / 2

policy will

-0.356 / 2

remain appropriate

0.08 / 4

for a considerable time

0.326 / 4

after the asset purchase

0.112 / 3

program ends and

0.626 / 4

the economic recovery strengthens.

0.499 / 4

In particular, the Committee

-0.128 / 4

decided to keep the

-0.281 / 4

target range for the

0.515 / 4

federal funds rate at

0.191 / 5

0 to 1/4 percent and

0.443 / 4

currently anticipates that this

0.467 / 4

exceptionally low range for

0.402 / 4

the federal funds rate

0.321 / 4

will be appropriate at

0.213 / 4

least as long as

0.305 / 4

the unemployment rate remains

0.233 / 4

above 6-1/2 percent, inflation

0.199 / 3

between one and

-0.2 / 2

two years

-0.296 / 2

ahead is

-0.212 / 4

projected to be no

0.002 / 8

more than a half percentage point above the

0.086

Committee’s

-0.077

2

-0.244 / 2

percent longer-run

-0.282

goal,

-0.149

and

-0.13 / 2

longer-term inflation

-0.168 / 2

expectations continue

-0.08 / 16

to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.

-0.473 / 4

In determining how long

-0.416 / 4

to maintain a highly

-0.232 / 8

accommodative stance of monetary policy, the Committee will

-0.089 / 8

also consider other information, including additional measures of

-0.092 / 7

labor market conditions, indicators of inflation pressures

-0.102 / 4

and inflation expectations, and

0.289 / 2

readings on

0.322

financial

0.337

developments.

0.073 / 2

When the

0.239

Committee

0.218

decides

0.085 / 2

to begin

0.134 / 2

to remove

-0.226

policy

-0.238

accommodation,

-0.055

it

-0.155

will

-0.143 / 2

take a

-0.188

balanced

-0.229

approach

-0.207 / 2

consistent with

-0.145 / 2

its longer-run

-0.463 / 2

goals of

-0.466 / 2

maximum employment

-0.277

and

-0.103 / 2

inflation of

-0.149 / 2

2 percent.

inputs

-0.025 / 2

To support

0.03 / 2

continued progress

-0.223 / 2

toward maximum

-0.122

employment

-0.214

and

0.092 / 2

price stability,

0.226 / 2

the Committee

-0.194 / 4

expects that a highly

-0.393 / 4

accommodative stance of monetary

-0.341 / 2

policy will

-0.356 / 2

remain appropriate

0.08 / 4

for a considerable time

0.326 / 4

after the asset purchase

0.112 / 3

program ends and

0.626 / 4

the economic recovery strengthens.

0.499 / 4

In particular, the Committee

-0.128 / 4

decided to keep the

-0.281 / 4

target range for the

0.515 / 4

federal funds rate at

0.191 / 5

0 to 1/4 percent and

0.443 / 4

currently anticipates that this

0.467 / 4

exceptionally low range for

0.402 / 4

the federal funds rate

0.321 / 4

will be appropriate at

0.213 / 4

least as long as

0.305 / 4

the unemployment rate remains

0.233 / 4

above 6-1/2 percent, inflation

0.199 / 3

between one and

-0.2 / 2

two years

-0.296 / 2

ahead is

-0.212 / 4

projected to be no

0.002 / 8

more than a half percentage point above the

0.086

Committee’s

-0.077

2

-0.244 / 2

percent longer-run

-0.282

goal,

-0.149

and

-0.13 / 2

longer-term inflation

-0.168 / 2

expectations continue

-0.08 / 16

to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.

-0.473 / 4

In determining how long

-0.416 / 4

to maintain a highly

-0.232 / 8

accommodative stance of monetary policy, the Committee will

-0.089 / 8

also consider other information, including additional measures of

-0.092 / 7

labor market conditions, indicators of inflation pressures

-0.102 / 4

and inflation expectations, and

0.289 / 2

readings on

0.322

financial

0.337

developments.

0.073 / 2

When the

0.239

Committee

0.218

decides

0.085 / 2

to begin

0.134 / 2

to remove

-0.226

policy

-0.238

accommodation,

-0.055

it

-0.155

will

-0.143 / 2

take a

-0.188

balanced

-0.229

approach

-0.207 / 2

consistent with

-0.145 / 2

its longer-run

-0.463 / 2

goals of

-0.466 / 2

maximum employment

-0.277

and

-0.103 / 2

inflation of

-0.149 / 2

2 percent.

inputs

0.0 / 2

To support

-0.005 / 2

continued progress

-0.002 / 2

toward maximum

-0.001

employment

-0.002

and

0.009 / 2

price stability,

0.015 / 2

the Committee

0.013 / 4

expects that a highly

0.036 / 4

accommodative stance of monetary

0.019 / 2

policy will

0.016 / 2

remain appropriate

-0.013 / 4

for a considerable time

-0.004 / 4

after the asset purchase

-0.015 / 3

program ends and

0.007 / 4

the economic recovery strengthens.

0.018 / 4

In particular, the Committee

-0.0 / 4

decided to keep the

0.001 / 4

target range for the

0.028 / 4

federal funds rate at

0.008 / 5

0 to 1/4 percent and

0.011 / 4

currently anticipates that this

0.01 / 4

exceptionally low range for

0.025 / 4

the federal funds rate

0.023 / 4

will be appropriate at

-0.007 / 4

least as long as

-0.003 / 4

the unemployment rate remains

-0.014 / 4

above 6-1/2 percent, inflation

-0.014 / 3

between one and

-0.009 / 2

two years

-0.007 / 2

ahead is

-0.003 / 4

projected to be no

-0.015 / 8

more than a half percentage point above the

0.003

Committee’s

-0.008

2

-0.013 / 2

percent longer-run

-0.011

goal,

-0.017

and

-0.014 / 2

longer-term inflation

-0.013 / 2

expectations continue

0.036 / 16

to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.

-0.0 / 4

In determining how long

-0.002 / 4

to maintain a highly

0.044 / 8

accommodative stance of monetary policy, the Committee will

0.008 / 8

also consider other information, including additional measures of

-0.002 / 7

labor market conditions, indicators of inflation pressures

-0.002 / 4

and inflation expectations, and

0.02 / 2

readings on

0.011

financial

0.01

developments.

0.011 / 2

When the

0.012

Committee

0.012

decides

0.002 / 2

to begin

-0.003 / 2

to remove

0.013

policy

0.009

accommodation,

0.004

it

0.003

will

-0.001 / 2

take a

-0.001

balanced

0.002

approach

0.001 / 2

consistent with

-0.006 / 2

its longer-run

-0.01 / 2

goals of

-0.003 / 2

maximum employment

-0.008

and

-0.018 / 2

inflation of

-0.019 / 2

2 percent.

inputs

0.0 / 2

To support

-0.005 / 2

continued progress

-0.002 / 2

toward maximum

-0.001

employment

-0.002

and

0.009 / 2

price stability,

0.015 / 2

the Committee

0.013 / 4

expects that a highly

0.036 / 4

accommodative stance of monetary

0.019 / 2

policy will

0.016 / 2

remain appropriate

-0.013 / 4

for a considerable time

-0.004 / 4

after the asset purchase

-0.015 / 3

program ends and

0.007 / 4

the economic recovery strengthens.

0.018 / 4

In particular, the Committee

-0.0 / 4

decided to keep the

0.001 / 4

target range for the

0.028 / 4

federal funds rate at

0.008 / 5

0 to 1/4 percent and

0.011 / 4

currently anticipates that this

0.01 / 4

exceptionally low range for

0.025 / 4

the federal funds rate

0.023 / 4

will be appropriate at

-0.007 / 4

least as long as

-0.003 / 4

the unemployment rate remains

-0.014 / 4

above 6-1/2 percent, inflation

-0.014 / 3

between one and

-0.009 / 2

two years

-0.007 / 2

ahead is

-0.003 / 4

projected to be no

-0.015 / 8

more than a half percentage point above the

0.003

Committee’s

-0.008

2

-0.013 / 2

percent longer-run

-0.011

goal,

-0.017

and

-0.014 / 2

longer-term inflation

-0.013 / 2

expectations continue

0.036 / 16

to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.

-0.0 / 4

In determining how long

-0.002 / 4

to maintain a highly

0.044 / 8

accommodative stance of monetary policy, the Committee will

0.008 / 8

also consider other information, including additional measures of

-0.002 / 7

labor market conditions, indicators of inflation pressures

-0.002 / 4

and inflation expectations, and

0.02 / 2

readings on

0.011

financial

0.01

developments.

0.011 / 2

When the

0.012

Committee

0.012

decides

0.002 / 2

to begin

-0.003 / 2

to remove

0.013

policy

0.009

accommodation,

0.004

it

0.003

will

-0.001 / 2

take a

-0.001

balanced

0.002

approach

0.001 / 2

consistent with

-0.006 / 2

its longer-run

-0.01 / 2

goals of

-0.003 / 2

maximum employment

-0.008

and

-0.018 / 2

inflation of

-0.019 / 2

2 percent.

May 09, 2010

outputs

S&P 500

Russell 2000

NASDAQ Composite

Volatility Index

13 Week Treasury Bill

Treasury Yield 30 Years

inputs

-0.003

In

-0.003

response

-0.006

to

-0.004

the

-0.002

reemergence

0.002

of

0.002

strains

-0.001

in

0.002

U.S.

0.001

dollar

-0.005

short-term

-0.005

funding

0.006

markets

0.003

in

-0.002 / 2

Europe, the

0.0

Bank

-0.0

of

-0.003

Canada,

-0.002

the

0.0

Bank

0.0

of

0.002

England,

0.002

the

0.0

European

0.0

Central

0.0

Bank,

-0.001

the

-0.0

Federal

-0.002

Reserve,

-0.004

and

-0.001 / 2

the Swiss

0.001

National

0.001

Bank

0.004 / 2

are announcing

0.002

the

0.002

reestablishment

-0.002 / 2

of temporary

0.002 / 2

U.S. dollar

-0.006 / 2

liquidity swap

-0.004 / 2

facilities. These

-0.006 / 4

facilities are designed to

-0.008 / 4

help improve liquidity conditions

0.004 / 5

in U.S. dollar funding markets

0.005 / 10

and to prevent the spread of strains to other markets

0.001

and

0.002 / 4

financial centers. The Bank

0.008 / 2

of Japan

0.006 / 2

will be

0.002 / 2

considering similar

0.003 / 2

measures soon.

-0.002 / 2

Central banks

-0.003

will

-0.003

continue

-0.001 / 2

to work

-0.001 / 2

together closely

-0.001

as

-0.002

needed

-0.002

to

-0.0

address

-0.001 / 2

pressures in

0.001 / 2

funding markets.

inputs

-0.003

In

-0.003

response

-0.006

to

-0.004

the

-0.002

reemergence

0.002

of

0.002

strains

-0.001

in

0.002

U.S.

0.001

dollar

-0.005

short-term

-0.005

funding

0.006

markets

0.003

in

-0.002 / 2

Europe, the

0.0

Bank

-0.0

of

-0.003

Canada,

-0.002

the

0.0

Bank

0.0

of

0.002

England,

0.002

the

0.0

European

0.0

Central

0.0

Bank,

-0.001

the

-0.0

Federal

-0.002

Reserve,

-0.004

and

-0.001 / 2

the Swiss

0.001

National

0.001

Bank

0.004 / 2

are announcing

0.002

the

0.002

reestablishment

-0.002 / 2

of temporary

0.002 / 2

U.S. dollar

-0.006 / 2

liquidity swap

-0.004 / 2

facilities. These

-0.006 / 4

facilities are designed to

-0.008 / 4

help improve liquidity conditions

0.004 / 5

in U.S. dollar funding markets

0.005 / 10

and to prevent the spread of strains to other markets

0.001

and

0.002 / 4

financial centers. The Bank

0.008 / 2

of Japan

0.006 / 2

will be

0.002 / 2

considering similar

0.003 / 2

measures soon.

-0.002 / 2

Central banks

-0.003

will

-0.003

continue

-0.001 / 2

to work

-0.001 / 2

together closely

-0.001

as

-0.002

needed

-0.002

to

-0.0

address

-0.001 / 2

pressures in

0.001 / 2

funding markets.

inputs

-0.003

In

-0.002

response

-0.006

to

-0.005

the

-0.006

reemergence

0.005

of

0.016

strains

-0.005

in

0.001

U.S.

-0.003

dollar

-0.009

short-term

-0.009

funding

0.013

markets

0.006

in

0.003 / 2

Europe, the

0.004

Bank

0.001

of

-0.002

Canada,

-0.002

the

0.005

Bank

0.002

of

0.005

England,

0.004

the

0.004

European

0.004

Central

0.006

Bank,

0.0

the

0.002

Federal

0.001

Reserve,

-0.003

and

-0.002 / 2

the Swiss

0.001

National

0.002

Bank

0.001 / 2

are announcing

0.001

the

0.001

reestablishment

-0.004 / 2

of temporary

0.002 / 2

U.S. dollar

-0.011 / 2

liquidity swap

-0.007 / 2

facilities. These

-0.007 / 4

facilities are designed to

-0.013 / 4

help improve liquidity conditions

0.002 / 5

in U.S. dollar funding markets

0.014 / 10

and to prevent the spread of strains to other markets

0.004

and

0.005 / 4

financial centers. The Bank

0.011 / 2

of Japan

0.009 / 2

will be

0.005 / 2

considering similar

0.007 / 2

measures soon.

-0.001 / 2

Central banks

-0.005

will

-0.004

continue

-0.001 / 2

to work

0.001 / 2

together closely

-0.001

as

-0.002

needed

-0.003

to

0.0

address

-0.002 / 2

pressures in

0.001 / 2

funding markets.

inputs

-0.003

In

-0.002

response

-0.006

to

-0.005

the

-0.006

reemergence

0.005

of

0.016

strains

-0.005

in

0.001

U.S.

-0.003

dollar

-0.009

short-term

-0.009

funding

0.013

markets

0.006

in

0.003 / 2

Europe, the

0.004

Bank

0.001

of

-0.002

Canada,

-0.002

the

0.005

Bank

0.002

of

0.005

England,

0.004

the

0.004

European

0.004

Central

0.006

Bank,

0.0

the

0.002

Federal

0.001

Reserve,

-0.003

and

-0.002 / 2

the Swiss

0.001

National

0.002

Bank

0.001 / 2

are announcing

0.001

the

0.001

reestablishment

-0.004 / 2

of temporary

0.002 / 2

U.S. dollar

-0.011 / 2

liquidity swap

-0.007 / 2

facilities. These

-0.007 / 4

facilities are designed to

-0.013 / 4

help improve liquidity conditions

0.002 / 5

in U.S. dollar funding markets

0.014 / 10

and to prevent the spread of strains to other markets

0.004

and

0.005 / 4

financial centers. The Bank

0.011 / 2

of Japan

0.009 / 2

will be

0.005 / 2

considering similar

0.007 / 2

measures soon.

-0.001 / 2

Central banks

-0.005

will

-0.004

continue

-0.001 / 2

to work

0.001 / 2

together closely

-0.001

as

-0.002

needed

-0.003

to

0.0

address

-0.002 / 2

pressures in

0.001 / 2

funding markets.

inputs

-0.004

In

-0.005

response

-0.006

to

-0.004

the

0.002

reemergence

0.004

of

0.008

strains

0.002

in

0.001

U.S.

0.001

dollar

-0.004

short-term

-0.004

funding

-0.001

markets

0.0

in

-0.004 / 2

Europe, the

-0.001

Bank

0.0

of

-0.003

Canada,

-0.003

the

-0.001

Bank

-0.0

of

0.001

England,

0.001

the

-0.001

European

-0.001

Central

-0.001

Bank,

-0.002

the

-0.003

Federal

-0.004

Reserve,

-0.005

and

-0.001 / 2

the Swiss

0.001

National

0.001

Bank

0.008 / 2

are announcing

0.003

the

0.004

reestablishment

-0.002 / 2

of temporary

0.001 / 2

U.S. dollar

-0.006 / 2

liquidity swap

-0.004 / 2

facilities. These

-0.005 / 4

facilities are designed to

-0.006 / 4

help improve liquidity conditions

0.002 / 5

in U.S. dollar funding markets

0.003 / 10

and to prevent the spread of strains to other markets

0.0

and

0.001 / 4

financial centers. The Bank

0.008 / 2

of Japan

0.006 / 2

will be

0.002 / 2

considering similar

0.003 / 2

measures soon.

-0.006 / 2

Central banks

-0.004

will

-0.004

continue

-0.003 / 2

to work

-0.002 / 2

together closely

-0.001

as

-0.002

needed

-0.002

to

-0.0

address

-0.002 / 2

pressures in

-0.001 / 2

funding markets.

inputs

-0.004

In

-0.005

response

-0.006

to

-0.004

the

0.002

reemergence

0.004

of

0.008

strains

0.002

in

0.001

U.S.

0.001

dollar

-0.004

short-term

-0.004

funding

-0.001

markets

0.0

in

-0.004 / 2

Europe, the

-0.001

Bank

0.0

of

-0.003

Canada,

-0.003

the

-0.001

Bank

-0.0

of

0.001

England,

0.001

the

-0.001

European

-0.001

Central

-0.001

Bank,

-0.002

the

-0.003

Federal

-0.004

Reserve,

-0.005

and

-0.001 / 2

the Swiss

0.001

National

0.001

Bank

0.008 / 2

are announcing

0.003

the

0.004

reestablishment

-0.002 / 2

of temporary

0.001 / 2

U.S. dollar

-0.006 / 2

liquidity swap

-0.004 / 2

facilities. These

-0.005 / 4

facilities are designed to

-0.006 / 4

help improve liquidity conditions

0.002 / 5

in U.S. dollar funding markets

0.003 / 10

and to prevent the spread of strains to other markets

0.0

and

0.001 / 4

financial centers. The Bank

0.008 / 2

of Japan

0.006 / 2

will be

0.002 / 2

considering similar

0.003 / 2

measures soon.

-0.006 / 2

Central banks

-0.004

will

-0.004

continue

-0.003 / 2

to work

-0.002 / 2

together closely

-0.001

as

-0.002

needed

-0.002

to

-0.0

address

-0.002 / 2

pressures in

-0.001 / 2

funding markets.

inputs

0.003

In

-0.003

response

0.019

to

0.01

the

0.009

reemergence

-0.023

of

-0.034

strains

0.015

in

-0.001

U.S.

0.011

dollar

0.049

short-term

0.052

funding

-0.031

markets

-0.014

in

-0.005 / 2

Europe, the

-0.013

Bank

-0.003

of

0.008

Canada,

0.004

the

-0.011

Bank

-0.005

of

-0.008

England,

-0.008

the

-0.013

European

-0.014

Central

-0.019

Bank,

-0.002

the

0.007

Federal

0.013

Reserve,

0.023

and

0.015 / 2

the Swiss

-0.012

National

-0.014

Bank

-0.006 / 2

are announcing

-0.013

the

-0.015

reestablishment

-0.002 / 2

of temporary

-0.017 / 2

U.S. dollar

0.033 / 2

liquidity swap

0.02 / 2

facilities. These

0.033 / 4

facilities are designed to

0.053 / 4

help improve liquidity conditions

0.008 / 5

in U.S. dollar funding markets

-0.063 / 10

and to prevent the spread of strains to other markets

-0.011

and

-0.013 / 4

financial centers. The Bank

-0.045 / 2

of Japan

-0.035 / 2

will be

-0.005 / 2

considering similar

-0.007 / 2

measures soon.

-0.012 / 2

Central banks

0.001

will

0.003

continue

-0.003 / 2

to work

-0.01 / 2

together closely

0.004

as

0.007

needed

0.013

to

-0.0

address

0.014 / 2

pressures in

0.009 / 2

funding markets.

inputs

0.003

In

-0.003

response

0.019

to

0.01

the

0.009

reemergence

-0.023

of

-0.034

strains

0.015

in

-0.001

U.S.

0.011

dollar

0.049

short-term

0.052

funding

-0.031

markets

-0.014

in

-0.005 / 2

Europe, the

-0.013

Bank

-0.003

of

0.008

Canada,

0.004

the

-0.011

Bank

-0.005

of

-0.008

England,

-0.008

the

-0.013

European

-0.014

Central

-0.019

Bank,

-0.002

the

0.007

Federal

0.013

Reserve,

0.023

and

0.015 / 2

the Swiss

-0.012

National

-0.014

Bank

-0.006 / 2

are announcing

-0.013

the

-0.015

reestablishment

-0.002 / 2

of temporary

-0.017 / 2

U.S. dollar

0.033 / 2

liquidity swap

0.02 / 2

facilities. These

0.033 / 4

facilities are designed to

0.053 / 4

help improve liquidity conditions

0.008 / 5

in U.S. dollar funding markets

-0.063 / 10

and to prevent the spread of strains to other markets

-0.011

and

-0.013 / 4

financial centers. The Bank

-0.045 / 2

of Japan

-0.035 / 2

will be

-0.005 / 2

considering similar

-0.007 / 2

measures soon.

-0.012 / 2

Central banks

0.001

will

0.003

continue

-0.003 / 2

to work

-0.01 / 2

together closely

0.004

as

0.007

needed

0.013

to

-0.0

address

0.014 / 2

pressures in

0.009 / 2

funding markets.

inputs

-0.057

In

-0.158

response

-0.145

to

-0.056

the

0.477

reemergence

0.389

of

1.756

strains

0.236

in

0.143

U.S.

0.253

dollar

0.024

short-term

0.057

funding

-0.415

markets

-0.216

in

-0.287 / 2

Europe, the

0.501

Bank

0.067

of

-0.068

Canada,

-0.043

the

0.408

Bank

0.031

of

-0.048

England,

-0.017

the

-0.057

European

-0.114

Central

0.275

Bank,

-0.038

the

-0.116

Federal

-0.111

Reserve,

-0.385

and

0.437 / 2

the Swiss

0.294

National

0.395

Bank

0.257 / 2

are announcing

0.335

the

0.372

reestablishment

-0.328 / 2

of temporary

-0.152 / 2

U.S. dollar

-0.322 / 2

liquidity swap

-0.141 / 2

facilities. These

0.053 / 4

facilities are designed to

0.261 / 4

help improve liquidity conditions

0.076 / 5

in U.S. dollar funding markets

0.092 / 10

and to prevent the spread of strains to other markets

0.032

and

0.108 / 4

financial centers. The Bank

0.089 / 2

of Japan

0.052 / 2

will be

0.03 / 2

considering similar

0.04 / 2

measures soon.

-0.037 / 2

Central banks

-0.107

will

-0.047

continue

-0.204 / 2

to work

-0.206 / 2

together closely

-0.06

as

-0.052

needed

-0.111

to

-0.049

address

-0.004 / 2

pressures in

0.015 / 2

funding markets.

inputs

-0.057

In

-0.158

response

-0.145

to

-0.056

the

0.477

reemergence

0.389

of

1.756

strains

0.236

in

0.143

U.S.

0.253

dollar

0.024

short-term

0.057

funding

-0.415

markets

-0.216

in

-0.287 / 2

Europe, the

0.501

Bank

0.067

of

-0.068

Canada,

-0.043

the

0.408

Bank

0.031

of

-0.048

England,

-0.017

the

-0.057

European

-0.114

Central

0.275

Bank,

-0.038

the

-0.116

Federal

-0.111

Reserve,

-0.385

and

0.437 / 2

the Swiss

0.294

National

0.395

Bank

0.257 / 2

are announcing

0.335

the

0.372

reestablishment

-0.328 / 2

of temporary

-0.152 / 2

U.S. dollar

-0.322 / 2

liquidity swap

-0.141 / 2

facilities. These

0.053 / 4

facilities are designed to

0.261 / 4

help improve liquidity conditions

0.076 / 5

in U.S. dollar funding markets

0.092 / 10

and to prevent the spread of strains to other markets

0.032

and

0.108 / 4

financial centers. The Bank

0.089 / 2

of Japan

0.052 / 2

will be

0.03 / 2

considering similar

0.04 / 2

measures soon.

-0.037 / 2

Central banks

-0.107

will

-0.047

continue

-0.204 / 2

to work

-0.206 / 2

together closely

-0.06

as

-0.052

needed

-0.111

to

-0.049

address

-0.004 / 2

pressures in

0.015 / 2

funding markets.

inputs

0.0

In

0.002

response

-0.005

to

-0.001

the

-0.001

reemergence

0.004

of

0.005

strains

-0.003

in

0.008

U.S.

0.008

dollar

-0.005

short-term

-0.002

funding

-0.006

markets

-0.003

in

0.004 / 2

Europe, the

0.01

Bank

-0.001

of

-0.002

Canada,

0.0

the

0.009

Bank

-0.0

of

0.004

England,

0.005

the

0.004

European

0.006

Central

0.012

Bank,

0.002

the

0.005

Federal

-0.002

Reserve,

-0.011

and

0.009 / 2

the Swiss

0.011

National

0.011

Bank

-0.004 / 2

are announcing

0.002

the

0.003

reestablishment

-0.0 / 2

of temporary

0.007 / 2

U.S. dollar

-0.01 / 2

liquidity swap

-0.007 / 2

facilities. These

-0.0 / 4

facilities are designed to

-0.003 / 4

help improve liquidity conditions

0.011 / 5

in U.S. dollar funding markets

0.02 / 10

and to prevent the spread of strains to other markets

0.006

and

0.007 / 4

financial centers. The Bank

0.016 / 2

of Japan

0.013 / 2

will be

0.004 / 2

considering similar

0.005 / 2

measures soon.

0.007 / 2

Central banks

-0.001

will

-0.002

continue

0.0 / 2

to work

0.005 / 2

together closely

-0.0

as

-0.001

needed

-0.003

to

0.002

address

-0.002 / 2

pressures in

0.003 / 2

funding markets.

inputs

0.0

In

0.002

response

-0.005

to

-0.001

the

-0.001

reemergence

0.004

of

0.005

strains

-0.003

in

0.008

U.S.

0.008

dollar

-0.005

short-term

-0.002

funding

-0.006

markets

-0.003

in

0.004 / 2

Europe, the

0.01

Bank

-0.001

of

-0.002

Canada,

0.0

the

0.009

Bank

-0.0

of

0.004

England,

0.005

the

0.004

European

0.006

Central

0.012

Bank,

0.002

the

0.005

Federal

-0.002

Reserve,

-0.011

and

0.009 / 2

the Swiss

0.011

National

0.011

Bank

-0.004 / 2

are announcing

0.002

the

0.003

reestablishment

-0.0 / 2

of temporary

0.007 / 2

U.S. dollar

-0.01 / 2

liquidity swap

-0.007 / 2

facilities. These

-0.0 / 4

facilities are designed to

-0.003 / 4

help improve liquidity conditions

0.011 / 5

in U.S. dollar funding markets

0.02 / 10

and to prevent the spread of strains to other markets

0.006

and

0.007 / 4

financial centers. The Bank

0.016 / 2

of Japan

0.013 / 2

will be

0.004 / 2

considering similar

0.005 / 2

measures soon.

0.007 / 2

Central banks

-0.001

will

-0.002

continue

0.0 / 2

to work

0.005 / 2

together closely

-0.0

as

-0.001

needed

-0.003

to

0.002

address

-0.002 / 2

pressures in

0.003 / 2

funding markets.

December 12, 2012

outputs

S&P 500

Russell 2000

NASDAQ Composite

Volatility Index

13 Week Treasury Bill

Treasury Yield 30 Years

inputs

0.011 / 4

Consistent with its statutory

0.007 / 2

mandate, the

0.007 / 2

Committee seeks

0.002 / 2

to foster

0.003 / 2

maximum employment

0.002

and

-0.006 / 2

price stability.

-0.005 / 2

In support

-0.007 / 2

of these

-0.008

goals,

-0.005

the

-0.001

Committee

-0.005

decided

-0.006

to

-0.006

maintain

-0.001

the

-0.001

target

-0.002

range

-0.003

for

0.01 / 2

the federal

0.024 / 2

funds rate

0.016 / 4

at 2-1/4 to 2-1/2

0.005 / 2

percent. The

0.004 / 2

Committee continues

0.007 / 4

to view sustained expansion

0.002 / 4

of economic activity, strong

-0.004 / 4

labor market conditions, and

-0.003 / 2

inflation near

-0.002 / 2

the Committee's

-0.004 / 4

symmetric 2 percent objective

-0.002 / 2

as the

-0.002 / 2

most likely

-0.006 / 4

outcomes. In light of

-0.005 / 3

global economic and

0.002

financial

0.002

developments

-0.001

and

-0.004

muted

-0.004

inflation

-0.01 / 2

pressures, the

0.002

Committee

0.001

will

-0.003

be

-0.004

patient

0.001

as

-0.001

it

0.006

determines

0.005

what

-0.007

future

-0.006

adjustments

-0.003

to

-0.002

the

0.001

target

-0.001

range

0.001

for

0.001

the

0.004

federal

0.005

funds

0.011 / 2

rate may

-0.0

be

-0.001

appropriate

-0.001

to

-0.002

support

-0.005

these

-0.009

outcomes.

inputs

0.011 / 4

Consistent with its statutory

0.007 / 2

mandate, the

0.007 / 2

Committee seeks

0.002 / 2

to foster

0.003 / 2

maximum employment

0.002

and

-0.006 / 2

price stability.

-0.005 / 2

In support

-0.007 / 2

of these

-0.008

goals,

-0.005

the

-0.001

Committee

-0.005

decided

-0.006

to

-0.006

maintain

-0.001

the

-0.001

target

-0.002

range

-0.003

for

0.01 / 2

the federal

0.024 / 2

funds rate

0.016 / 4

at 2-1/4 to 2-1/2

0.005 / 2

percent. The

0.004 / 2

Committee continues

0.007 / 4

to view sustained expansion

0.002 / 4

of economic activity, strong

-0.004 / 4

labor market conditions, and

-0.003 / 2

inflation near

-0.002 / 2

the Committee's

-0.004 / 4

symmetric 2 percent objective

-0.002 / 2

as the

-0.002 / 2

most likely

-0.006 / 4

outcomes. In light of

-0.005 / 3

global economic and

0.002

financial

0.002

developments

-0.001

and

-0.004

muted

-0.004

inflation

-0.01 / 2

pressures, the

0.002

Committee

0.001

will

-0.003

be

-0.004

patient

0.001

as

-0.001

it

0.006

determines

0.005

what

-0.007

future

-0.006

adjustments

-0.003

to

-0.002

the

0.001

target

-0.001

range

0.001

for

0.001

the

0.004

federal

0.005

funds

0.011 / 2

rate may

-0.0

be

-0.001

appropriate

-0.001

to

-0.002

support

-0.005

these

-0.009

outcomes.

inputs

0.012 / 4

Consistent with its statutory

0.01 / 2

mandate, the

0.01 / 2

Committee seeks

0.004 / 2

to foster

0.006 / 2

maximum employment

0.004

and

-0.006 / 2

price stability.

-0.004 / 2

In support

-0.005 / 2

of these

-0.009

goals,

-0.005

the

-0.004

Committee

-0.01

decided

-0.01

to

-0.011

maintain

0.001

the

0.001

target

0.004

range

0.002

for

0.012 / 2

the federal

0.032 / 2

funds rate

0.019 / 4

at 2-1/4 to 2-1/2

0.003 / 2

percent. The

0.002 / 2

Committee continues

0.004 / 4

to view sustained expansion

0.008 / 4

of economic activity, strong

-0.004 / 4

labor market conditions, and

-0.003 / 2

inflation near

-0.004 / 2

the Committee's

-0.009 / 4

symmetric 2 percent objective

-0.002 / 2

as the

-0.002 / 2

most likely

-0.007 / 4

outcomes. In light of

-0.005 / 3

global economic and

0.005

financial

0.005

developments

-0.002

and

-0.002

muted

-0.001

inflation

-0.008 / 2

pressures, the

-0.003

Committee

-0.005

will

-0.01

be

-0.012

patient

0.001

as

-0.002

it

0.005

determines

0.005

what

-0.008

future

-0.011

adjustments

-0.005

to

-0.003

the

0.002

target

0.003

range

0.001

for

0.002

the

0.004

federal

0.006

funds

0.012 / 2

rate may

0.0

be

0.0

appropriate

-0.001

to

-0.001

support

-0.006

these

-0.014

outcomes.

inputs

0.012 / 4

Consistent with its statutory

0.01 / 2

mandate, the

0.01 / 2

Committee seeks

0.004 / 2

to foster

0.006 / 2

maximum employment

0.004

and

-0.006 / 2

price stability.

-0.004 / 2

In support

-0.005 / 2

of these

-0.009

goals,

-0.005

the

-0.004

Committee

-0.01

decided

-0.01

to

-0.011

maintain

0.001

the

0.001

target

0.004

range

0.002

for

0.012 / 2

the federal

0.032 / 2

funds rate

0.019 / 4

at 2-1/4 to 2-1/2

0.003 / 2

percent. The

0.002 / 2

Committee continues

0.004 / 4

to view sustained expansion

0.008 / 4

of economic activity, strong

-0.004 / 4

labor market conditions, and

-0.003 / 2

inflation near

-0.004 / 2

the Committee's

-0.009 / 4

symmetric 2 percent objective

-0.002 / 2

as the

-0.002 / 2

most likely

-0.007 / 4

outcomes. In light of

-0.005 / 3

global economic and

0.005

financial

0.005

developments

-0.002

and

-0.002

muted

-0.001

inflation

-0.008 / 2

pressures, the

-0.003

Committee

-0.005

will

-0.01

be

-0.012

patient

0.001

as

-0.002

it

0.005

determines

0.005

what

-0.008

future

-0.011

adjustments

-0.005

to

-0.003

the

0.002

target

0.003

range

0.001

for

0.002

the

0.004

federal

0.006

funds

0.012 / 2

rate may

0.0

be

0.0

appropriate

-0.001

to

-0.001

support

-0.006

these

-0.014

outcomes.

inputs

0.011 / 4

Consistent with its statutory

0.01 / 2

mandate, the

0.01 / 2

Committee seeks

0.003 / 2

to foster

0.004 / 2

maximum employment

0.004

and

-0.01 / 2

price stability.

-0.009 / 2

In support

-0.01 / 2

of these

-0.01

goals,

-0.007

the

0.002

Committee

-0.004

decided

-0.006

to

-0.007

maintain

-0.003

the

-0.004

target

-0.005

range

-0.005

for

0.004 / 2

the federal

0.016 / 2

funds rate

0.01 / 4

at 2-1/4 to 2-1/2

0.005 / 2

percent. The

0.004 / 2

Committee continues

0.007 / 4

to view sustained expansion

0.001 / 4

of economic activity, strong

-0.003 / 4

labor market conditions, and

-0.001 / 2

inflation near

0.002 / 2

the Committee's

-0.001 / 4

symmetric 2 percent objective

-0.003 / 2

as the

-0.002 / 2

most likely

-0.005 / 4

outcomes. In light of

-0.004 / 3

global economic and

0.001

financial

0.004

developments

-0.001

and

-0.003

muted

-0.003

inflation

-0.008 / 2

pressures, the

0.008

Committee

0.005

will

-0.0

be

-0.002

patient

-0.001

as

-0.001

it

0.004

determines

0.003

what

-0.008

future

-0.002

adjustments

-0.002

to

-0.001

the

-0.001

target

-0.003

range

-0.001

for

0.0

the

0.002

federal

0.002

funds

0.008 / 2

rate may

-0.001

be

-0.002

appropriate

-0.002

to

-0.002

support

-0.006

these

-0.009

outcomes.

inputs

0.011 / 4

Consistent with its statutory

0.01 / 2

mandate, the

0.01 / 2

Committee seeks

0.003 / 2

to foster

0.004 / 2

maximum employment

0.004

and

-0.01 / 2

price stability.

-0.009 / 2

In support

-0.01 / 2

of these

-0.01

goals,

-0.007

the

0.002

Committee

-0.004

decided

-0.006

to

-0.007

maintain

-0.003

the

-0.004

target

-0.005

range

-0.005

for

0.004 / 2

the federal

0.016 / 2

funds rate

0.01 / 4

at 2-1/4 to 2-1/2

0.005 / 2

percent. The

0.004 / 2

Committee continues

0.007 / 4

to view sustained expansion

0.001 / 4

of economic activity, strong

-0.003 / 4

labor market conditions, and

-0.001 / 2

inflation near

0.002 / 2

the Committee's

-0.001 / 4

symmetric 2 percent objective

-0.003 / 2

as the

-0.002 / 2

most likely

-0.005 / 4

outcomes. In light of

-0.004 / 3

global economic and

0.001

financial

0.004

developments

-0.001

and

-0.003

muted

-0.003

inflation

-0.008 / 2

pressures, the

0.008

Committee

0.005

will

-0.0

be

-0.002

patient

-0.001

as

-0.001

it

0.004

determines

0.003

what

-0.008

future

-0.002

adjustments

-0.002

to

-0.001

the

-0.001

target

-0.003

range

-0.001

for

0.0

the

0.002

federal

0.002

funds

0.008 / 2

rate may

-0.001

be

-0.002

appropriate

-0.002

to

-0.002

support

-0.006

these

-0.009

outcomes.

inputs

-0.055 / 4

Consistent with its statutory

-0.049 / 2

mandate, the

-0.04 / 2

Committee seeks

0.004 / 2

to foster

0.005 / 2

maximum employment

0.0

and

-0.003 / 2

price stability.

-0.005 / 2

In support

0.021 / 2

of these

0.035

goals,

0.019

the

-0.02

Committee

0.006

decided

0.011

to

0.01

maintain

0.04

the

0.045

target

0.064

range

0.052

for

-0.002 / 2

the federal

-0.045 / 2

funds rate

0.001 / 4

at 2-1/4 to 2-1/2

-0.008 / 2

percent. The

-0.009 / 2

Committee continues

-0.013 / 4

to view sustained expansion

-0.04 / 4

of economic activity, strong

-0.006 / 4

labor market conditions, and

-0.001 / 2

inflation near

-0.008 / 2

the Committee's

0.005 / 4

symmetric 2 percent objective

-0.015 / 2

as the

-0.017 / 2

most likely

-0.026 / 4

outcomes. In light of

-0.029 / 3

global economic and

-0.011

financial

-0.013

developments

0.008

and

-0.013

muted

-0.013

inflation

-0.011 / 2

pressures, the

-0.044

Committee

-0.035

will

-0.012

be

-0.006

patient

-0.004

as

0.002

it

-0.018

determines

-0.015

what

0.018

future

0.049

adjustments

0.013

to

0.004

the

0.033

target

0.047

range

0.016

for

0.011

the

0.006

federal

0.004

funds

0.002 / 2

rate may

0.001

be

0.002

appropriate

0.004

to

0.005

support

0.012

these

0.021

outcomes.

inputs

-0.055 / 4

Consistent with its statutory

-0.049 / 2

mandate, the

-0.04 / 2

Committee seeks

0.004 / 2

to foster

0.005 / 2

maximum employment

0.0

and

-0.003 / 2

price stability.

-0.005 / 2

In support

0.021 / 2

of these

0.035

goals,

0.019

the

-0.02

Committee

0.006

decided

0.011

to

0.01

maintain

0.04

the

0.045

target

0.064

range

0.052

for

-0.002 / 2

the federal

-0.045 / 2

funds rate

0.001 / 4

at 2-1/4 to 2-1/2

-0.008 / 2

percent. The

-0.009 / 2

Committee continues

-0.013 / 4

to view sustained expansion

-0.04 / 4

of economic activity, strong

-0.006 / 4

labor market conditions, and

-0.001 / 2

inflation near

-0.008 / 2

the Committee's

0.005 / 4

symmetric 2 percent objective

-0.015 / 2

as the

-0.017 / 2

most likely

-0.026 / 4

outcomes. In light of

-0.029 / 3

global economic and

-0.011

financial

-0.013

developments

0.008

and

-0.013

muted

-0.013

inflation

-0.011 / 2

pressures, the

-0.044

Committee

-0.035

will

-0.012

be

-0.006

patient

-0.004

as

0.002

it

-0.018

determines

-0.015

what

0.018

future

0.049

adjustments

0.013

to

0.004

the

0.033

target

0.047

range

0.016

for

0.011

the

0.006

federal

0.004

funds

0.002 / 2

rate may

0.001

be

0.002

appropriate

0.004

to

0.005

support

0.012

these

0.021

outcomes.

inputs

0.181 / 4

Consistent with its statutory

0.327 / 2

mandate, the

0.339 / 2

Committee seeks

-0.049 / 2

to foster

-0.131 / 2

maximum employment

0.006

and

0.249 / 2

price stability.

0.139 / 2

In support

-0.168 / 2

of these

-0.419

goals,

-0.205

the

0.281

Committee

0.11

decided

-0.07

to

-0.076

maintain

-0.458

the

-0.513

target

-0.787

range

-0.643

for

0.176 / 2

the federal

0.638 / 2

funds rate

-0.074 / 4

at 2-1/4 to 2-1/2

0.029 / 2

percent. The

0.048 / 2

Committee continues

-0.032 / 4

to view sustained expansion

0.59 / 4

of economic activity, strong

0.44 / 4

labor market conditions, and

0.153 / 2

inflation near

0.292 / 2

the Committee's

0.024 / 4

symmetric 2 percent objective

0.001 / 2

as the

-0.062 / 2

most likely

0.362 / 4

outcomes. In light of

0.323 / 3

global economic and

0.478

financial

0.609

developments

-0.097

and

0.164

muted

0.194

inflation

0.239 / 2

pressures, the

0.356

Committee

0.203

will

-0.089

be

-0.122

patient

-0.089

as

-0.076

it

-0.256

determines

-0.274

what

-0.365

future

-0.348

adjustments

-0.114

to

-0.026

the

-0.337

target

-0.514

range

-0.135

for

-0.088

the

0.003

federal

0.085

funds

0.042 / 2

rate may

-0.057

be

-0.09

appropriate

-0.027

to

-0.055

support

-0.075

these

-0.018

outcomes.

inputs

0.181 / 4

Consistent with its statutory

0.327 / 2

mandate, the

0.339 / 2

Committee seeks

-0.049 / 2

to foster

-0.131 / 2

maximum employment

0.006

and

0.249 / 2

price stability.

0.139 / 2

In support

-0.168 / 2

of these

-0.419

goals,

-0.205

the

0.281

Committee

0.11

decided

-0.07

to

-0.076

maintain

-0.458

the

-0.513

target

-0.787

range

-0.643

for

0.176 / 2

the federal

0.638 / 2

funds rate

-0.074 / 4

at 2-1/4 to 2-1/2

0.029 / 2

percent. The

0.048 / 2

Committee continues

-0.032 / 4

to view sustained expansion

0.59 / 4

of economic activity, strong

0.44 / 4

labor market conditions, and

0.153 / 2

inflation near

0.292 / 2

the Committee's

0.024 / 4

symmetric 2 percent objective

0.001 / 2

as the

-0.062 / 2

most likely

0.362 / 4

outcomes. In light of

0.323 / 3

global economic and

0.478

financial

0.609

developments

-0.097

and

0.164

muted

0.194

inflation

0.239 / 2

pressures, the

0.356

Committee

0.203

will

-0.089

be

-0.122

patient

-0.089

as

-0.076

it

-0.256

determines

-0.274

what

-0.365

future

-0.348

adjustments

-0.114

to

-0.026

the

-0.337

target

-0.514

range

-0.135

for

-0.088

the

0.003

federal

0.085

funds

0.042 / 2

rate may

-0.057

be

-0.09

appropriate

-0.027

to

-0.055

support

-0.075

these

-0.018

outcomes.

inputs

0.041 / 4

Consistent with its statutory

0.034 / 2

mandate, the

0.029 / 2

Committee seeks

0.009 / 2

to foster

0.009 / 2

maximum employment

0.02

and

-0.0 / 2

price stability.

-0.002 / 2

In support

-0.01 / 2

of these

-0.012

goals,

-0.007

the

0.013

Committee

0.001

decided

-0.003

to

-0.003

maintain

-0.004

the

-0.005

target

-0.015

range

-0.014

for

0.018 / 2

the federal

0.035 / 2

funds rate

0.003 / 4

at 2-1/4 to 2-1/2

0.006 / 2

percent. The

0.007 / 2

Committee continues

0.012 / 4

to view sustained expansion

0.026 / 4

of economic activity, strong

0.009 / 4

labor market conditions, and

-0.01 / 2

inflation near

-0.0 / 2

the Committee's

-0.019 / 4

symmetric 2 percent objective

0.006 / 2

as the

0.007 / 2

most likely

0.007 / 4

outcomes. In light of

0.01 / 3

global economic and

0.012

financial

0.011

developments

0.003

and

-0.006

muted

-0.009

inflation

-0.013 / 2

pressures, the

0.016

Committee

0.011

will

-0.003

be

-0.006

patient

0.002

as

0.002

it

0.016

determines

0.013

what

-0.002

future

-0.017

adjustments

-0.006

to

-0.002

the

0.002

target

-0.008

range

-0.001

for

0.002

the

0.009

federal

0.009

funds

0.018 / 2

rate may

0.0

be

0.001

appropriate

-0.0

to

-0.002

support

-0.003

these

-0.005

outcomes.

inputs

0.041 / 4

Consistent with its statutory

0.034 / 2

mandate, the

0.029 / 2

Committee seeks

0.009 / 2

to foster

0.009 / 2

maximum employment

0.02

and

-0.0 / 2

price stability.

-0.002 / 2

In support

-0.01 / 2

of these

-0.012

goals,

-0.007

the

0.013

Committee

0.001

decided

-0.003

to

-0.003

maintain

-0.004

the

-0.005

target

-0.015

range

-0.014

for

0.018 / 2

the federal

0.035 / 2

funds rate

0.003 / 4

at 2-1/4 to 2-1/2

0.006 / 2

percent. The

0.007 / 2

Committee continues

0.012 / 4

to view sustained expansion

0.026 / 4

of economic activity, strong

0.009 / 4

labor market conditions, and

-0.01 / 2

inflation near

-0.0 / 2

the Committee's

-0.019 / 4

symmetric 2 percent objective

0.006 / 2

as the

0.007 / 2

most likely

0.007 / 4

outcomes. In light of

0.01 / 3

global economic and

0.012

financial

0.011

developments

0.003

and

-0.006

muted

-0.009

inflation

-0.013 / 2

pressures, the

0.016

Committee

0.011

will

-0.003

be

-0.006

patient

0.002

as

0.002

it

0.016

determines

0.013

what

-0.002

future

-0.017

adjustments

-0.006

to

-0.002

the

0.002

target

-0.008

range

-0.001

for

0.002

the

0.009

federal

0.009

funds

0.018 / 2

rate may

0.0

be

0.001

appropriate

-0.0

to

-0.002

support

-0.003

these

-0.005

outcomes.

March 20, 2019

outputs

S&P 500

Russell 2000

NASDAQ Composite

Volatility Index

13 Week Treasury Bill

Treasury Yield 30 Years

inputs

-0.005 / 2

In these

-0.006 / 2

circumstances, the

-0.009 / 4

Federal Reserve will employ

-0.006 / 4

all available tools to

-0.005 / 4

promote economic recovery and

-0.004 / 4

to preserve price stability.

-0.003 / 4

The Committee will maintain

0.001 / 4

the target range for

0.001 / 4

the federal funds rate

0.002 / 5

at 0 to 1/4 percent

-0.0

and

-0.002 / 4

continues to anticipate that

-0.003 / 4

economic conditions are likely

0.002 / 4

to warrant exceptionally low

0.013 / 4

levels of the federal

0.015 / 4

funds rate for an

-0.003 / 4

extended period. As previously

-0.002 / 7

announced, to provide support to mortgage lending

-0.003 / 4

and housing markets and

-0.003 / 8

to improve overall conditions in private credit markets,

-0.003 / 2

the Federal

-0.003

Reserve

-0.004

will

-0.001

purchase

-0.001

a

-0.001 / 2

total of

0.001

up

0.001

to

0.003 / 2

$1.25 trillion

0.005 / 2

of agency

0.004 / 2

mortgage-backed securities

0.001

and

-0.001 / 2

up to

-0.001 / 2

$200 billion

0.003 / 2

of agency

-0.003 / 2

debt by

-0.016 / 8

the end of the year. In addition, the

-0.003 / 4

Federal Reserve is in

-0.003 / 4

the process of buying

-0.0 / 4

$300 billion of Treasury

0.001 / 4

securities. To promote a

-0.001 / 2

smooth transition

-0.001 / 2

in markets

-0.0 / 2

as these

-0.0 / 2

purchases of

0.0 / 2

Treasury securities

-0.005

are

-0.006

completed,

0.001

the

0.004

Committee

-0.0 / 2

has decided

0.001 / 4

to gradually slow the

0.002 / 5

pace of these transactions and

0.001 / 4

anticipates that the full

0.0 / 4

amount will be purchased

0.001 / 4

by the end of

0.004 / 4

October. The Committee will

0.004 / 5

continue to evaluate the timing

-0.001

and

0.0 / 4

overall amounts of its

0.001 / 2

purchases of

0.003 / 2

securities in

-0.002 / 2

light of

-0.002 / 2

the evolving

-0.008 / 3

economic outlook and

0.003 / 4

conditions in financial markets.

0.002 / 7

The Federal Reserve is monitoring the size

-0.005 / 6

and composition of its balance sheet

-0.005 / 8

and will make adjustments to its credit and

-0.006 / 4

liquidity programs as warranted.

inputs

-0.005 / 2

In these

-0.006 / 2

circumstances, the

-0.009 / 4

Federal Reserve will employ

-0.006 / 4

all available tools to

-0.005 / 4

promote economic recovery and

-0.004 / 4

to preserve price stability.

-0.003 / 4

The Committee will maintain

0.001 / 4

the target range for

0.001 / 4

the federal funds rate

0.002 / 5

at 0 to 1/4 percent

-0.0

and

-0.002 / 4

continues to anticipate that

-0.003 / 4

economic conditions are likely

0.002 / 4

to warrant exceptionally low

0.013 / 4

levels of the federal

0.015 / 4

funds rate for an

-0.003 / 4

extended period. As previously

-0.002 / 7

announced, to provide support to mortgage lending

-0.003 / 4

and housing markets and

-0.003 / 8

to improve overall conditions in private credit markets,

-0.003 / 2

the Federal

-0.003

Reserve

-0.004

will

-0.001

purchase

-0.001

a

-0.001 / 2

total of

0.001

up

0.001

to

0.003 / 2

$1.25 trillion

0.005 / 2

of agency

0.004 / 2

mortgage-backed securities

0.001

and

-0.001 / 2

up to

-0.001 / 2

$200 billion

0.003 / 2

of agency

-0.003 / 2

debt by

-0.016 / 8

the end of the year. In addition, the

-0.003 / 4

Federal Reserve is in

-0.003 / 4

the process of buying

-0.0 / 4

$300 billion of Treasury

0.001 / 4

securities. To promote a

-0.001 / 2

smooth transition

-0.001 / 2

in markets

-0.0 / 2

as these

-0.0 / 2

purchases of

0.0 / 2

Treasury securities

-0.005

are

-0.006

completed,

0.001

the

0.004

Committee

-0.0 / 2

has decided

0.001 / 4

to gradually slow the

0.002 / 5

pace of these transactions and

0.001 / 4

anticipates that the full

0.0 / 4

amount will be purchased

0.001 / 4

by the end of

0.004 / 4

October. The Committee will

0.004 / 5

continue to evaluate the timing

-0.001

and

0.0 / 4

overall amounts of its

0.001 / 2

purchases of

0.003 / 2

securities in

-0.002 / 2

light of

-0.002 / 2

the evolving

-0.008 / 3

economic outlook and

0.003 / 4

conditions in financial markets.

0.002 / 7

The Federal Reserve is monitoring the size

-0.005 / 6

and composition of its balance sheet

-0.005 / 8

and will make adjustments to its credit and

-0.006 / 4

liquidity programs as warranted.

inputs

-0.005 / 2

In these

-0.005 / 2

circumstances, the

-0.008 / 4

Federal Reserve will employ

-0.002 / 4

all available tools to

-0.001 / 4

promote economic recovery and

-0.009 / 4

to preserve price stability.

-0.008 / 4

The Committee will maintain

0.001 / 4

the target range for

0.0 / 4

the federal funds rate

-0.003 / 5

at 0 to 1/4 percent

-0.003

and

-0.005 / 4

continues to anticipate that

0.004 / 4

economic conditions are likely

0.009 / 4

to warrant exceptionally low

0.016 / 4

levels of the federal

0.018 / 4

funds rate for an

-0.005 / 4

extended period. As previously

-0.004 / 7

announced, to provide support to mortgage lending

-0.003 / 4

and housing markets and

-0.004 / 8

to improve overall conditions in private credit markets,

-0.003 / 2

the Federal

-0.004

Reserve

-0.007

will

0.0

purchase

-0.0

a

-0.0 / 2

total of

0.002

up

0.002

to

0.004 / 2

$1.25 trillion

0.007 / 2

of agency

0.005 / 2

mortgage-backed securities

0.002

and

-0.001 / 2

up to

-0.001 / 2

$200 billion

0.005 / 2

of agency

-0.004 / 2

debt by

-0.018 / 8

the end of the year. In addition, the

-0.002 / 4

Federal Reserve is in

-0.002 / 4

the process of buying

0.0 / 4

$300 billion of Treasury

0.001 / 4

securities. To promote a

0.001 / 2

smooth transition

0.002 / 2

in markets

0.002 / 2

as these

0.002 / 2

purchases of

-0.003 / 2

Treasury securities

-0.009

are

-0.011

completed,

-0.0

the

0.004

Committee

-0.004 / 2

has decided

0.003 / 4

to gradually slow the

0.003 / 5

pace of these transactions and

0.001 / 4

anticipates that the full

0.0 / 4

amount will be purchased

0.001 / 4

by the end of

0.004 / 4

October. The Committee will

0.006 / 5

continue to evaluate the timing

-0.001

and

0.0 / 4

overall amounts of its

0.003 / 2

purchases of

0.005 / 2

securities in

-0.001 / 2

light of

-0.001 / 2

the evolving

-0.007 / 3

economic outlook and

0.009 / 4

conditions in financial markets.

0.007 / 7

The Federal Reserve is monitoring the size

-0.004 / 6

and composition of its balance sheet

-0.009 / 8

and will make adjustments to its credit and

-0.01 / 4

liquidity programs as warranted.

inputs

-0.005 / 2

In these

-0.005 / 2

circumstances, the

-0.008 / 4

Federal Reserve will employ

-0.002 / 4

all available tools to

-0.001 / 4

promote economic recovery and

-0.009 / 4

to preserve price stability.

-0.008 / 4

The Committee will maintain

0.001 / 4

the target range for

0.0 / 4

the federal funds rate

-0.003 / 5

at 0 to 1/4 percent

-0.003

and

-0.005 / 4

continues to anticipate that

0.004 / 4

economic conditions are likely

0.009 / 4

to warrant exceptionally low

0.016 / 4

levels of the federal

0.018 / 4

funds rate for an

-0.005 / 4

extended period. As previously

-0.004 / 7

announced, to provide support to mortgage lending

-0.003 / 4

and housing markets and

-0.004 / 8

to improve overall conditions in private credit markets,

-0.003 / 2

the Federal

-0.004

Reserve

-0.007

will

0.0

purchase

-0.0

a

-0.0 / 2

total of

0.002

up

0.002

to

0.004 / 2

$1.25 trillion

0.007 / 2

of agency

0.005 / 2

mortgage-backed securities

0.002

and

-0.001 / 2

up to

-0.001 / 2

$200 billion

0.005 / 2

of agency

-0.004 / 2

debt by

-0.018 / 8

the end of the year. In addition, the

-0.002 / 4

Federal Reserve is in

-0.002 / 4

the process of buying

0.0 / 4

$300 billion of Treasury

0.001 / 4

securities. To promote a

0.001 / 2

smooth transition

0.002 / 2

in markets

0.002 / 2

as these

0.002 / 2

purchases of

-0.003 / 2

Treasury securities

-0.009

are

-0.011

completed,

-0.0

the

0.004

Committee

-0.004 / 2

has decided

0.003 / 4

to gradually slow the

0.003 / 5

pace of these transactions and

0.001 / 4

anticipates that the full

0.0 / 4

amount will be purchased

0.001 / 4

by the end of

0.004 / 4

October. The Committee will

0.006 / 5

continue to evaluate the timing

-0.001

and

0.0 / 4

overall amounts of its

0.003 / 2

purchases of

0.005 / 2

securities in

-0.001 / 2

light of

-0.001 / 2

the evolving

-0.007 / 3

economic outlook and

0.009 / 4

conditions in financial markets.

0.007 / 7

The Federal Reserve is monitoring the size

-0.004 / 6

and composition of its balance sheet

-0.009 / 8

and will make adjustments to its credit and

-0.01 / 4

liquidity programs as warranted.

inputs

-0.007 / 2

In these

-0.007 / 2

circumstances, the

-0.014 / 4

Federal Reserve will employ

-0.008 / 4

all available tools to

-0.007 / 4

promote economic recovery and

-0.003 / 4

to preserve price stability.

-0.001 / 4

The Committee will maintain

-0.001 / 4

the target range for

-0.001 / 4

the federal funds rate

0.002 / 5

at 0 to 1/4 percent

-0.0

and

-0.001 / 4

continues to anticipate that

-0.003 / 4

economic conditions are likely

0.003 / 4

to warrant exceptionally low

0.011 / 4

levels of the federal

0.013 / 4

funds rate for an

-0.002 / 4

extended period. As previously

-0.001 / 7

announced, to provide support to mortgage lending

-0.002 / 4

and housing markets and

-0.002 / 8

to improve overall conditions in private credit markets,

-0.006 / 2

the Federal

-0.005

Reserve

-0.006

will

-0.003

purchase

-0.003

a

-0.003 / 2

total of

0.001

up

-0.0

to

0.002 / 2

$1.25 trillion

0.004 / 2

of agency

0.003 / 2

mortgage-backed securities

-0.0

and

-0.001 / 2

up to

-0.001 / 2

$200 billion

0.002 / 2

of agency

-0.002 / 2

debt by

-0.013 / 8

the end of the year. In addition, the

-0.006 / 4

Federal Reserve is in

-0.005 / 4

the process of buying

-0.0 / 4

$300 billion of Treasury

0.001 / 4

securities. To promote a

-0.003 / 2

smooth transition

-0.003 / 2

in markets

-0.003 / 2

as these

-0.003 / 2

purchases of

-0.0 / 2

Treasury securities

-0.005

are

-0.006

completed,

0.003

the

0.009

Committee

0.002 / 2

has decided

0.001 / 4

to gradually slow the

0.001 / 5

pace of these transactions and

0.0 / 4

anticipates that the full

-0.001 / 4

amount will be purchased

0.002 / 4

by the end of

0.006 / 4

October. The Committee will

0.003 / 5

continue to evaluate the timing

-0.001

and

-0.001 / 4

overall amounts of its

-0.0 / 2

purchases of

0.001 / 2

securities in

-0.001 / 2

light of

-0.002 / 2

the evolving

-0.007 / 3

economic outlook and

-0.002 / 4

conditions in financial markets.

-0.002 / 7

The Federal Reserve is monitoring the size

-0.009 / 6

and composition of its balance sheet

-0.004 / 8

and will make adjustments to its credit and

-0.005 / 4

liquidity programs as warranted.

inputs

-0.007 / 2

In these

-0.007 / 2

circumstances, the

-0.014 / 4

Federal Reserve will employ

-0.008 / 4

all available tools to

-0.007 / 4

promote economic recovery and

-0.003 / 4

to preserve price stability.

-0.001 / 4

The Committee will maintain

-0.001 / 4

the target range for

-0.001 / 4

the federal funds rate

0.002 / 5

at 0 to 1/4 percent

-0.0

and

-0.001 / 4

continues to anticipate that

-0.003 / 4

economic conditions are likely

0.003 / 4

to warrant exceptionally low

0.011 / 4

levels of the federal

0.013 / 4

funds rate for an

-0.002 / 4

extended period. As previously

-0.001 / 7

announced, to provide support to mortgage lending

-0.002 / 4

and housing markets and

-0.002 / 8

to improve overall conditions in private credit markets,

-0.006 / 2

the Federal

-0.005

Reserve

-0.006

will

-0.003

purchase

-0.003

a

-0.003 / 2

total of

0.001

up

-0.0

to

0.002 / 2

$1.25 trillion

0.004 / 2

of agency

0.003 / 2

mortgage-backed securities

-0.0

and

-0.001 / 2

up to

-0.001 / 2

$200 billion

0.002 / 2

of agency

-0.002 / 2

debt by

-0.013 / 8

the end of the year. In addition, the

-0.006 / 4

Federal Reserve is in

-0.005 / 4

the process of buying

-0.0 / 4

$300 billion of Treasury

0.001 / 4

securities. To promote a

-0.003 / 2

smooth transition

-0.003 / 2

in markets

-0.003 / 2

as these

-0.003 / 2

purchases of

-0.0 / 2

Treasury securities

-0.005

are

-0.006

completed,

0.003

the

0.009

Committee

0.002 / 2

has decided

0.001 / 4

to gradually slow the

0.001 / 5

pace of these transactions and

0.0 / 4

anticipates that the full

-0.001 / 4

amount will be purchased

0.002 / 4

by the end of

0.006 / 4

October. The Committee will

0.003 / 5

continue to evaluate the timing

-0.001

and

-0.001 / 4

overall amounts of its

-0.0 / 2

purchases of

0.001 / 2

securities in

-0.001 / 2

light of

-0.002 / 2

the evolving

-0.007 / 3

economic outlook and

-0.002 / 4

conditions in financial markets.

-0.002 / 7

The Federal Reserve is monitoring the size

-0.009 / 6

and composition of its balance sheet

-0.004 / 8

and will make adjustments to its credit and

-0.005 / 4

liquidity programs as warranted.

inputs

0.018 / 2

In these

0.014 / 2

circumstances, the

0.031 / 4

Federal Reserve will employ

0.017 / 4

all available tools to

0.014 / 4

promote economic recovery and

-0.009 / 4

to preserve price stability.

-0.015 / 4

The Committee will maintain

0.019 / 4

the target range for

0.016 / 4

the federal funds rate

0.012 / 5

at 0 to 1/4 percent

0.008

and

0.007 / 4

continues to anticipate that

-0.027 / 4

economic conditions are likely

-0.016 / 4

to warrant exceptionally low

-0.011 / 4

levels of the federal

-0.015 / 4

funds rate for an

0.019 / 4

extended period. As previously

0.016 / 7

announced, to provide support to mortgage lending

0.016 / 4

and housing markets and

0.02 / 8

to improve overall conditions in private credit markets,

0.009 / 2

the Federal

0.017

Reserve

0.018

will

0.01

purchase

0.013

a

0.009 / 2

total of

0.003

up

0.001

to

0.001 / 2

$1.25 trillion

-0.022 / 2

of agency

-0.007 / 2

mortgage-backed securities

0.003

and

0.007 / 2

up to

0.006 / 2

$200 billion

-0.015 / 2

of agency

0.015 / 2

debt by

0.053 / 8

the end of the year. In addition, the

0.026 / 4

Federal Reserve is in

0.022 / 4

the process of buying

0.013 / 4

$300 billion of Treasury

0.012 / 4

securities. To promote a

-0.011 / 2

smooth transition

-0.011 / 2

in markets

-0.011 / 2

as these

-0.012 / 2

purchases of

0.001 / 2

Treasury securities

0.019

are

0.021

completed,

-0.015

the

-0.044

Committee

0.006 / 2

has decided

-0.004 / 4

to gradually slow the

-0.017 / 5

pace of these transactions and

-0.006 / 4

anticipates that the full

0.001 / 4

amount will be purchased

-0.012 / 4

by the end of

-0.035 / 4

October. The Committee will

-0.03 / 5

continue to evaluate the timing

0.006

and

0.004 / 4

overall amounts of its

-0.012 / 2

purchases of

-0.014 / 2

securities in

0.002 / 2

light of

0.008 / 2

the evolving

0.006 / 3

economic outlook and

-0.012 / 4

conditions in financial markets.

-0.013 / 7

The Federal Reserve is monitoring the size

0.007 / 6

and composition of its balance sheet

0.021 / 8

and will make adjustments to its credit and

0.025 / 4

liquidity programs as warranted.

inputs

0.018 / 2

In these

0.014 / 2

circumstances, the

0.031 / 4

Federal Reserve will employ

0.017 / 4

all available tools to

0.014 / 4

promote economic recovery and

-0.009 / 4

to preserve price stability.

-0.015 / 4

The Committee will maintain

0.019 / 4

the target range for

0.016 / 4

the federal funds rate

0.012 / 5

at 0 to 1/4 percent

0.008

and

0.007 / 4

continues to anticipate that

-0.027 / 4

economic conditions are likely

-0.016 / 4

to warrant exceptionally low

-0.011 / 4

levels of the federal

-0.015 / 4

funds rate for an

0.019 / 4

extended period. As previously

0.016 / 7

announced, to provide support to mortgage lending

0.016 / 4

and housing markets and

0.02 / 8

to improve overall conditions in private credit markets,

0.009 / 2

the Federal

0.017

Reserve

0.018

will

0.01

purchase

0.013

a

0.009 / 2

total of

0.003

up

0.001

to

0.001 / 2

$1.25 trillion

-0.022 / 2

of agency

-0.007 / 2

mortgage-backed securities

0.003

and

0.007 / 2

up to

0.006 / 2

$200 billion

-0.015 / 2

of agency

0.015 / 2

debt by

0.053 / 8

the end of the year. In addition, the

0.026 / 4

Federal Reserve is in

0.022 / 4

the process of buying

0.013 / 4

$300 billion of Treasury

0.012 / 4

securities. To promote a

-0.011 / 2

smooth transition

-0.011 / 2

in markets

-0.011 / 2

as these

-0.012 / 2

purchases of

0.001 / 2

Treasury securities

0.019

are

0.021

completed,

-0.015

the

-0.044

Committee

0.006 / 2

has decided

-0.004 / 4

to gradually slow the

-0.017 / 5

pace of these transactions and

-0.006 / 4

anticipates that the full

0.001 / 4

amount will be purchased

-0.012 / 4

by the end of

-0.035 / 4

October. The Committee will

-0.03 / 5

continue to evaluate the timing

0.006

and

0.004 / 4

overall amounts of its

-0.012 / 2

purchases of

-0.014 / 2

securities in

0.002 / 2

light of

0.008 / 2

the evolving

0.006 / 3

economic outlook and

-0.012 / 4

conditions in financial markets.

-0.013 / 7

The Federal Reserve is monitoring the size

0.007 / 6

and composition of its balance sheet

0.021 / 8

and will make adjustments to its credit and

0.025 / 4

liquidity programs as warranted.

inputs

-0.155 / 2

In these

-0.132 / 2

circumstances, the

-0.387 / 4

Federal Reserve will employ

-0.05 / 4

all available tools to

0.018 / 4

promote economic recovery and

-0.049 / 4

to preserve price stability.

0.023 / 4

The Committee will maintain

-0.285 / 4

the target range for

-0.241 / 4

the federal funds rate

-0.046 / 5

at 0 to 1/4 percent

-0.084

and

-0.175 / 4

continues to anticipate that

0.432 / 4

economic conditions are likely

0.509 / 4

to warrant exceptionally low

0.229 / 4

levels of the federal

0.348 / 4

funds rate for an

-0.149 / 4

extended period. As previously

-0.084 / 7

announced, to provide support to mortgage lending

-0.037 / 4

and housing markets and

-0.019 / 8

to improve overall conditions in private credit markets,

-0.142 / 2

the Federal

-0.28

Reserve

-0.47

will

-0.3

purchase

-0.282

a

-0.255 / 2

total of

-0.07

up

-0.054

to

0.033 / 2

$1.25 trillion

0.29 / 2

of agency

0.368 / 2

mortgage-backed securities

0.045

and

-0.106 / 2

up to

-0.044 / 2

$200 billion

0.144 / 2

of agency

0.157 / 2

debt by

0.082 / 8

the end of the year. In addition, the

-0.181 / 4

Federal Reserve is in

-0.2 / 4

the process of buying

-0.132 / 4

$300 billion of Treasury

-0.134 / 4

securities. To promote a

0.049 / 2

smooth transition

0.051 / 2

in markets

0.059 / 2

as these

0.071 / 2

purchases of

-0.012 / 2

Treasury securities

-0.144

are

-0.145

completed,

0.258

the

0.608

Committee

0.371 / 2

has decided

0.274 / 4

to gradually slow the

0.198 / 5

pace of these transactions and

-0.183 / 4

anticipates that the full

-0.169 / 4

amount will be purchased

0.015 / 4

by the end of

0.185 / 4

October. The Committee will

0.006 / 5

continue to evaluate the timing

-0.01

and

0.037 / 4

overall amounts of its

0.127 / 2

purchases of

0.102 / 2

securities in

0.198 / 2

light of

0.148 / 2

the evolving

0.211 / 3

economic outlook and

-0.193 / 4

conditions in financial markets.

-0.189 / 7

The Federal Reserve is monitoring the size

-0.067 / 6

and composition of its balance sheet

0.053 / 8

and will make adjustments to its credit and

0.044 / 4

liquidity programs as warranted.

inputs

-0.155 / 2

In these

-0.132 / 2

circumstances, the

-0.387 / 4

Federal Reserve will employ

-0.05 / 4

all available tools to

0.018 / 4

promote economic recovery and

-0.049 / 4

to preserve price stability.

0.023 / 4

The Committee will maintain

-0.285 / 4

the target range for

-0.241 / 4

the federal funds rate

-0.046 / 5

at 0 to 1/4 percent

-0.084

and

-0.175 / 4

continues to anticipate that

0.432 / 4

economic conditions are likely

0.509 / 4

to warrant exceptionally low

0.229 / 4

levels of the federal

0.348 / 4

funds rate for an

-0.149 / 4

extended period. As previously

-0.084 / 7

announced, to provide support to mortgage lending

-0.037 / 4

and housing markets and

-0.019 / 8

to improve overall conditions in private credit markets,

-0.142 / 2

the Federal

-0.28

Reserve

-0.47

will

-0.3

purchase

-0.282

a

-0.255 / 2

total of

-0.07

up

-0.054

to

0.033 / 2

$1.25 trillion

0.29 / 2

of agency

0.368 / 2

mortgage-backed securities

0.045

and

-0.106 / 2

up to

-0.044 / 2

$200 billion

0.144 / 2

of agency

0.157 / 2

debt by

0.082 / 8

the end of the year. In addition, the

-0.181 / 4

Federal Reserve is in

-0.2 / 4

the process of buying

-0.132 / 4

$300 billion of Treasury

-0.134 / 4

securities. To promote a

0.049 / 2

smooth transition

0.051 / 2

in markets

0.059 / 2

as these

0.071 / 2

purchases of

-0.012 / 2

Treasury securities

-0.144

are

-0.145

completed,

0.258

the

0.608

Committee

0.371 / 2

has decided

0.274 / 4

to gradually slow the

0.198 / 5

pace of these transactions and

-0.183 / 4

anticipates that the full

-0.169 / 4

amount will be purchased

0.015 / 4

by the end of

0.185 / 4

October. The Committee will

0.006 / 5

continue to evaluate the timing

-0.01

and

0.037 / 4

overall amounts of its

0.127 / 2

purchases of

0.102 / 2

securities in

0.198 / 2

light of

0.148 / 2

the evolving

0.211 / 3

economic outlook and

-0.193 / 4

conditions in financial markets.

-0.189 / 7

The Federal Reserve is monitoring the size

-0.067 / 6

and composition of its balance sheet

0.053 / 8

and will make adjustments to its credit and

0.044 / 4

liquidity programs as warranted.

inputs

-0.008 / 2

In these

-0.007 / 2

circumstances, the

-0.007 / 4

Federal Reserve will employ

-0.001 / 4

all available tools to

-0.0 / 4

promote economic recovery and

0.008 / 4

to preserve price stability.

0.012 / 4

The Committee will maintain

0.008 / 4

the target range for

0.009 / 4

the federal funds rate

0.005 / 5

at 0 to 1/4 percent

0.001

and

0.001 / 4

continues to anticipate that

0.018 / 4

economic conditions are likely

0.016 / 4

to warrant exceptionally low

0.022 / 4

levels of the federal

0.025 / 4

funds rate for an

-0.007 / 4

extended period. As previously

-0.004 / 7

announced, to provide support to mortgage lending

-0.007 / 4

and housing markets and

-0.007 / 8

to improve overall conditions in private credit markets,

0.006 / 2

the Federal

-0.004

Reserve

-0.006

will

-0.012

purchase

-0.011

a

-0.015 / 2

total of

-0.001

up

0.0

to

0.006 / 2

$1.25 trillion

0.007 / 2

of agency

0.003 / 2

mortgage-backed securities

0.0

and

-0.004 / 2

up to

-0.002 / 2

$200 billion

0.003 / 2

of agency

-0.006 / 2

debt by

-0.02 / 8

the end of the year. In addition, the

-0.006 / 4

Federal Reserve is in

-0.005 / 4

the process of buying

-0.006 / 4

$300 billion of Treasury

-0.007 / 4

securities. To promote a

0.006 / 2

smooth transition

0.005 / 2

in markets

0.004 / 2

as these

0.005 / 2

purchases of

-0.006 / 2

Treasury securities

-0.012

are

-0.013

completed,

0.011

the

0.026

Committee

0.003 / 2

has decided

0.003 / 4

to gradually slow the

0.008 / 5

pace of these transactions and

-0.003 / 4

anticipates that the full

-0.007 / 4

amount will be purchased

-0.001 / 4

by the end of

0.007 / 4

October. The Committee will

-0.0 / 5

continue to evaluate the timing

-0.004

and

-0.002 / 4

overall amounts of its

-0.003 / 2

purchases of

-0.0 / 2

securities in

0.005 / 2

light of

0.004 / 2

the evolving

0.018 / 3

economic outlook and

0.002 / 4

conditions in financial markets.

0.008 / 7

The Federal Reserve is monitoring the size

0.005 / 6

and composition of its balance sheet

0.003 / 8

and will make adjustments to its credit and

0.003 / 4

liquidity programs as warranted.

inputs

-0.008 / 2

In these

-0.007 / 2

circumstances, the

-0.007 / 4

Federal Reserve will employ

-0.001 / 4

all available tools to

-0.0 / 4

promote economic recovery and

0.008 / 4

to preserve price stability.

0.012 / 4

The Committee will maintain

0.008 / 4

the target range for

0.009 / 4

the federal funds rate

0.005 / 5

at 0 to 1/4 percent

0.001

and

0.001 / 4

continues to anticipate that

0.018 / 4

economic conditions are likely

0.016 / 4

to warrant exceptionally low

0.022 / 4

levels of the federal

0.025 / 4

funds rate for an

-0.007 / 4

extended period. As previously

-0.004 / 7

announced, to provide support to mortgage lending

-0.007 / 4

and housing markets and

-0.007 / 8

to improve overall conditions in private credit markets,

0.006 / 2

the Federal

-0.004

Reserve

-0.006

will

-0.012

purchase

-0.011

a

-0.015 / 2

total of

-0.001

up

0.0

to

0.006 / 2

$1.25 trillion

0.007 / 2

of agency

0.003 / 2

mortgage-backed securities

0.0

and

-0.004 / 2

up to

-0.002 / 2

$200 billion

0.003 / 2

of agency

-0.006 / 2

debt by

-0.02 / 8

the end of the year. In addition, the

-0.006 / 4

Federal Reserve is in

-0.005 / 4

the process of buying

-0.006 / 4

$300 billion of Treasury

-0.007 / 4

securities. To promote a

0.006 / 2

smooth transition

0.005 / 2

in markets

0.004 / 2

as these

0.005 / 2

purchases of

-0.006 / 2

Treasury securities

-0.012

are

-0.013

completed,

0.011

the

0.026

Committee

0.003 / 2

has decided

0.003 / 4

to gradually slow the

0.008 / 5

pace of these transactions and

-0.003 / 4

anticipates that the full

-0.007 / 4

amount will be purchased

-0.001 / 4

by the end of

0.007 / 4

October. The Committee will

-0.0 / 5

continue to evaluate the timing

-0.004

and

-0.002 / 4

overall amounts of its

-0.003 / 2

purchases of

-0.0 / 2

securities in

0.005 / 2

light of

0.004 / 2

the evolving

0.018 / 3

economic outlook and

0.002 / 4

conditions in financial markets.

0.008 / 7

The Federal Reserve is monitoring the size

0.005 / 6

and composition of its balance sheet

0.003 / 8

and will make adjustments to its credit and

0.003 / 4

liquidity programs as warranted.

June 16, 2021

outputs

S&P 500

Russell 2000

NASDAQ Composite

Volatility Index

13 Week Treasury Bill

Treasury Yield 30 Years

inputs

0.005 / 2

The Committee

0.005 / 2

seeks to

0.005 / 3

achieve maximum employment

0.004

and

0.014 / 4

inflation at the rate

0.014 / 4

of 2 percent over

0.002 / 8

the longer run. With inflation having run persistently

-0.003 / 2

below this

-0.003

longer-run

-0.003

goal,

0.0 / 2

the Committee

-0.001 / 2

will aim

-0.004 / 4

to achieve inflation moderately

-0.001 / 4

above 2 percent for

-0.003 / 2

some time

0.0

so

-0.0

that

0.004 / 7

inflation averages 2 percent over time and

-0.015 / 2

longer‑term inflation

-0.004

expectations

-0.006

remain

-0.004 / 4

well anchored at 2

0.004 / 2

percent. The

0.003

Committee

0.002

expects

-0.001

to

-0.002

maintain

0.0

an

-0.0

accommodative

-0.001 / 4

stance of monetary policy

-0.003 / 4

until these outcomes are

-0.007 / 8

achieved. The Committee decided to keep the target

0.02 / 8

range for the federal funds rate at 0

0.013 / 4

to 1/4 percent and

-0.001 / 2

expects it

-0.002 / 2

will be

-0.007 / 4

appropriate to maintain this

-0.002 / 2

target range

-0.003 / 2

until labor

-0.005 / 4

market conditions have reached

0.006 / 9

levels consistent with the Committee's assessments of maximum employment

-0.003 / 5

and inflation has risen to

-0.002 / 3

2 percent and

-0.004 / 4

is on track to

0.003 / 4

moderately exceed 2 percent

-0.004 / 8

for some time. In addition, the Federal Reserve

-0.005 / 2

will continue

-0.005 / 2

to increase

-0.009 / 4

its holdings of Treasury

-0.0 / 4

securities by at least

-0.001 / 4

$80 billion per month

-0.001

and

0.007 / 2

of agency

0.009 / 2

mortgage‑backed securities

0.004 / 4

by at least $40

0.001 / 2

billion per

-0.0 / 2

month until

-0.002 / 4

substantial further progress has

0.001 / 4

been made toward the

0.002 / 3

Committee's maximum employment

0.004

and

-0.012 / 8

price stability goals. These asset purchases help foster

-0.01 / 8

smooth market functioning and accommodative financial conditions, thereby

-0.003 / 7

supporting the flow of credit to households

-0.005 / 2

and businesses.

inputs

0.005 / 2

The Committee

0.005 / 2

seeks to

0.005 / 3

achieve maximum employment

0.004

and

0.014 / 4

inflation at the rate

0.014 / 4

of 2 percent over

0.002 / 8

the longer run. With inflation having run persistently

-0.003 / 2

below this

-0.003

longer-run

-0.003

goal,

0.0 / 2

the Committee

-0.001 / 2

will aim

-0.004 / 4

to achieve inflation moderately

-0.001 / 4

above 2 percent for

-0.003 / 2

some time

0.0

so

-0.0

that

0.004 / 7

inflation averages 2 percent over time and

-0.015 / 2

longer‑term inflation

-0.004

expectations

-0.006

remain

-0.004 / 4

well anchored at 2

0.004 / 2

percent. The

0.003

Committee

0.002

expects

-0.001

to

-0.002

maintain

0.0

an

-0.0

accommodative

-0.001 / 4

stance of monetary policy

-0.003 / 4

until these outcomes are

-0.007 / 8

achieved. The Committee decided to keep the target

0.02 / 8

range for the federal funds rate at 0

0.013 / 4

to 1/4 percent and

-0.001 / 2

expects it

-0.002 / 2

will be

-0.007 / 4

appropriate to maintain this

-0.002 / 2

target range

-0.003 / 2

until labor

-0.005 / 4

market conditions have reached

0.006 / 9

levels consistent with the Committee's assessments of maximum employment

-0.003 / 5

and inflation has risen to

-0.002 / 3

2 percent and

-0.004 / 4

is on track to

0.003 / 4

moderately exceed 2 percent

-0.004 / 8

for some time. In addition, the Federal Reserve

-0.005 / 2

will continue

-0.005 / 2

to increase

-0.009 / 4

its holdings of Treasury

-0.0 / 4

securities by at least

-0.001 / 4

$80 billion per month

-0.001

and

0.007 / 2

of agency

0.009 / 2

mortgage‑backed securities

0.004 / 4

by at least $40

0.001 / 2

billion per

-0.0 / 2

month until

-0.002 / 4

substantial further progress has

0.001 / 4

been made toward the

0.002 / 3

Committee's maximum employment

0.004

and

-0.012 / 8

price stability goals. These asset purchases help foster

-0.01 / 8

smooth market functioning and accommodative financial conditions, thereby

-0.003 / 7

supporting the flow of credit to households

-0.005 / 2

and businesses.

inputs

0.008 / 2

The Committee

0.009 / 2

seeks to

0.01 / 3

achieve maximum employment

0.007

and

0.019 / 4

inflation at the rate

0.018 / 4

of 2 percent over

0.007 / 8

the longer run. With inflation having run persistently

-0.003 / 2

below this

-0.003

longer-run

-0.003

goal,

0.001 / 2

the Committee

-0.0 / 2

will aim

-0.002 / 4

to achieve inflation moderately

-0.002 / 4

above 2 percent for

-0.003 / 2

some time

0.0

so

-0.001

that

0.005 / 7

inflation averages 2 percent over time and

-0.006 / 2

longer‑term inflation

-0.006

expectations

-0.01

remain

-0.009 / 4

well anchored at 2

0.002 / 2

percent. The

0.003

Committee

0.001

expects

-0.002

to

-0.003

maintain

-0.001

an

-0.001

accommodative

0.001 / 4

stance of monetary policy

-0.002 / 4

until these outcomes are

-0.014 / 8

achieved. The Committee decided to keep the target

0.03 / 8

range for the federal funds rate at 0

0.018 / 4

to 1/4 percent and

-0.004 / 2

expects it

-0.005 / 2

will be

-0.009 / 4

appropriate to maintain this

0.004 / 2

target range

0.001 / 2

until labor

-0.003 / 4

market conditions have reached

0.01 / 9

levels consistent with the Committee's assessments of maximum employment

-0.0 / 5

and inflation has risen to

-0.002 / 3

2 percent and

-0.007 / 4

is on track to

-0.0 / 4

moderately exceed 2 percent

-0.002 / 8

for some time. In addition, the Federal Reserve

-0.01 / 2

will continue

-0.009 / 2

to increase

-0.017 / 4

its holdings of Treasury

-0.001 / 4

securities by at least

-0.002 / 4

$80 billion per month

-0.002

and

0.009 / 2

of agency

0.012 / 2

mortgage‑backed securities

0.004 / 4

by at least $40

0.001 / 2

billion per

-0.001 / 2

month until

-0.004 / 4

substantial further progress has

-0.0 / 4

been made toward the

0.001 / 3

Committee's maximum employment

0.005

and

-0.01 / 8

price stability goals. These asset purchases help foster

-0.01 / 8

smooth market functioning and accommodative financial conditions, thereby

-0.002 / 7

supporting the flow of credit to households

-0.005 / 2

and businesses.

inputs

0.008 / 2

The Committee

0.009 / 2

seeks to

0.01 / 3

achieve maximum employment

0.007

and

0.019 / 4

inflation at the rate

0.018 / 4

of 2 percent over

0.007 / 8

the longer run. With inflation having run persistently

-0.003 / 2

below this

-0.003

longer-run

-0.003

goal,

0.001 / 2

the Committee

-0.0 / 2

will aim

-0.002 / 4

to achieve inflation moderately

-0.002 / 4

above 2 percent for

-0.003 / 2

some time

0.0

so

-0.001

that

0.005 / 7

inflation averages 2 percent over time and

-0.006 / 2

longer‑term inflation

-0.006

expectations

-0.01

remain

-0.009 / 4

well anchored at 2

0.002 / 2

percent. The

0.003

Committee

0.001

expects

-0.002

to

-0.003

maintain

-0.001

an

-0.001

accommodative

0.001 / 4

stance of monetary policy

-0.002 / 4

until these outcomes are

-0.014 / 8

achieved. The Committee decided to keep the target

0.03 / 8

range for the federal funds rate at 0

0.018 / 4

to 1/4 percent and

-0.004 / 2

expects it

-0.005 / 2

will be

-0.009 / 4

appropriate to maintain this

0.004 / 2

target range

0.001 / 2

until labor

-0.003 / 4

market conditions have reached

0.01 / 9

levels consistent with the Committee's assessments of maximum employment

-0.0 / 5

and inflation has risen to

-0.002 / 3

2 percent and

-0.007 / 4

is on track to

-0.0 / 4

moderately exceed 2 percent

-0.002 / 8

for some time. In addition, the Federal Reserve

-0.01 / 2

will continue

-0.009 / 2

to increase

-0.017 / 4

its holdings of Treasury

-0.001 / 4

securities by at least

-0.002 / 4

$80 billion per month

-0.002

and

0.009 / 2

of agency

0.012 / 2

mortgage‑backed securities

0.004 / 4

by at least $40

0.001 / 2

billion per

-0.001 / 2

month until

-0.004 / 4

substantial further progress has

-0.0 / 4

been made toward the

0.001 / 3

Committee's maximum employment

0.005

and

-0.01 / 8

price stability goals. These asset purchases help foster

-0.01 / 8

smooth market functioning and accommodative financial conditions, thereby

-0.002 / 7

supporting the flow of credit to households

-0.005 / 2

and businesses.

inputs

0.009 / 2

The Committee

0.007 / 2

seeks to

0.005 / 3

achieve maximum employment

0.005

and

0.014 / 4

inflation at the rate

0.014 / 4

of 2 percent over

0.006 / 8

the longer run. With inflation having run persistently

-0.002 / 2

below this

-0.002

longer-run

-0.002

goal,

0.003 / 2

the Committee

0.0 / 2

will aim

-0.003 / 4

to achieve inflation moderately

0.001 / 4

above 2 percent for

-0.002 / 2

some time

0.0

so

-0.0

that

0.003 / 7

inflation averages 2 percent over time and

-0.014 / 2

longer‑term inflation

-0.004

expectations

-0.006

remain

-0.003 / 4

well anchored at 2

0.006 / 2

percent. The

0.004

Committee

0.003

expects

-0.001

to

-0.002

maintain

0.001

an

0.001

accommodative

-0.004 / 4

stance of monetary policy

-0.005 / 4

until these outcomes are

-0.005 / 8

achieved. The Committee decided to keep the target

0.011 / 8

range for the federal funds rate at 0

0.008 / 4

to 1/4 percent and

-0.002 / 2

expects it

-0.002 / 2

will be

-0.009 / 4

appropriate to maintain this

-0.006 / 2

target range

-0.005 / 2

until labor

-0.009 / 4

market conditions have reached

0.01 / 9

levels consistent with the Committee's assessments of maximum employment

0.0 / 5

and inflation has risen to

0.0 / 3

2 percent and

-0.005 / 4

is on track to

0.003 / 4

moderately exceed 2 percent

-0.01 / 8

for some time. In addition, the Federal Reserve

-0.003 / 2

will continue

-0.003 / 2

to increase

-0.007 / 4

its holdings of Treasury

-0.001 / 4

securities by at least

-0.001 / 4

$80 billion per month

-0.001

and

0.005 / 2

of agency

0.006 / 2

mortgage‑backed securities

0.004 / 4

by at least $40

0.001 / 2

billion per

-0.0 / 2

month until

-0.002 / 4

substantial further progress has

0.003 / 4

been made toward the

0.007 / 3

Committee's maximum employment

0.008

and

-0.016 / 8

price stability goals. These asset purchases help foster

-0.013 / 8

smooth market functioning and accommodative financial conditions, thereby

-0.003 / 7

supporting the flow of credit to households

-0.006 / 2

and businesses.

inputs

0.009 / 2

The Committee

0.007 / 2

seeks to

0.005 / 3

achieve maximum employment

0.005

and

0.014 / 4

inflation at the rate

0.014 / 4

of 2 percent over

0.006 / 8

the longer run. With inflation having run persistently

-0.002 / 2

below this

-0.002

longer-run

-0.002

goal,

0.003 / 2

the Committee

0.0 / 2

will aim

-0.003 / 4

to achieve inflation moderately

0.001 / 4

above 2 percent for

-0.002 / 2

some time

0.0

so

-0.0

that

0.003 / 7

inflation averages 2 percent over time and

-0.014 / 2

longer‑term inflation

-0.004

expectations

-0.006

remain

-0.003 / 4

well anchored at 2

0.006 / 2

percent. The

0.004

Committee

0.003

expects

-0.001

to

-0.002

maintain

0.001

an

0.001

accommodative

-0.004 / 4

stance of monetary policy

-0.005 / 4

until these outcomes are

-0.005 / 8

achieved. The Committee decided to keep the target

0.011 / 8

range for the federal funds rate at 0

0.008 / 4

to 1/4 percent and

-0.002 / 2

expects it

-0.002 / 2

will be

-0.009 / 4

appropriate to maintain this

-0.006 / 2

target range

-0.005 / 2

until labor

-0.009 / 4

market conditions have reached

0.01 / 9

levels consistent with the Committee's assessments of maximum employment

0.0 / 5

and inflation has risen to

0.0 / 3

2 percent and

-0.005 / 4

is on track to

0.003 / 4

moderately exceed 2 percent

-0.01 / 8

for some time. In addition, the Federal Reserve

-0.003 / 2

will continue

-0.003 / 2

to increase

-0.007 / 4

its holdings of Treasury

-0.001 / 4

securities by at least

-0.001 / 4

$80 billion per month

-0.001

and

0.005 / 2

of agency

0.006 / 2

mortgage‑backed securities

0.004 / 4

by at least $40

0.001 / 2

billion per

-0.0 / 2

month until

-0.002 / 4

substantial further progress has

0.003 / 4

been made toward the

0.007 / 3

Committee's maximum employment

0.008

and

-0.016 / 8

price stability goals. These asset purchases help foster

-0.013 / 8

smooth market functioning and accommodative financial conditions, thereby

-0.003 / 7

supporting the flow of credit to households

-0.006 / 2

and businesses.

inputs

-0.024 / 2

The Committee

-0.016 / 2

seeks to

-0.008 / 3

achieve maximum employment

-0.007

and

-0.05 / 4

inflation at the rate

-0.046 / 4

of 2 percent over

-0.052 / 8

the longer run. With inflation having run persistently

0.011 / 2

below this

0.012

longer-run

0.011

goal,

-0.016 / 2

the Committee

-0.004 / 2

will aim

0.004 / 4

to achieve inflation moderately

0.004 / 4

above 2 percent for

0.011 / 2

some time

-0.0

so

0.003

that

-0.008 / 7

inflation averages 2 percent over time and

0.009 / 2

longer‑term inflation

-0.009

expectations

0.0

remain

0.009 / 4

well anchored at 2

-0.013 / 2

percent. The

-0.018

Committee

-0.01

expects

0.005

to

0.004

maintain

0.005

an

0.008

accommodative

-0.007 / 4

stance of monetary policy

-0.002 / 4

until these outcomes are

0.012 / 8

achieved. The Committee decided to keep the target

-0.012 / 8

range for the federal funds rate at 0

0.001 / 4

to 1/4 percent and

-0.007 / 2

expects it

-0.005 / 2

will be

0.001 / 4

appropriate to maintain this

0.069 / 2

target range

0.032 / 2

until labor

0.006 / 4

market conditions have reached

-0.047 / 9

levels consistent with the Committee's assessments of maximum employment

-0.003 / 5

and inflation has risen to

0.0 / 3

2 percent and

0.021 / 4

is on track to

0.017 / 4

moderately exceed 2 percent

0.035 / 8

for some time. In addition, the Federal Reserve

0.028 / 2

will continue

0.035 / 2

to increase

0.028 / 4

its holdings of Treasury

0.005 / 4

securities by at least

0.01 / 4

$80 billion per month

0.009

and

-0.026 / 2

of agency

-0.027 / 2

mortgage‑backed securities

0.0 / 4

by at least $40

0.006 / 2

billion per

0.008 / 2

month until

0.023 / 4

substantial further progress has

-0.009 / 4

been made toward the

-0.023 / 3

Committee's maximum employment

-0.024

and

0.02 / 8

price stability goals. These asset purchases help foster

0.012 / 8

smooth market functioning and accommodative financial conditions, thereby

-0.014 / 7

supporting the flow of credit to households

0.009 / 2

and businesses.

inputs

-0.024 / 2

The Committee

-0.016 / 2

seeks to

-0.008 / 3

achieve maximum employment

-0.007

and

-0.05 / 4

inflation at the rate

-0.046 / 4

of 2 percent over

-0.052 / 8

the longer run. With inflation having run persistently

0.011 / 2

below this

0.012

longer-run

0.011

goal,

-0.016 / 2

the Committee

-0.004 / 2

will aim

0.004 / 4

to achieve inflation moderately

0.004 / 4

above 2 percent for

0.011 / 2

some time

-0.0

so

0.003

that

-0.008 / 7

inflation averages 2 percent over time and

0.009 / 2

longer‑term inflation

-0.009

expectations

0.0

remain

0.009 / 4

well anchored at 2

-0.013 / 2

percent. The

-0.018

Committee

-0.01

expects

0.005

to

0.004

maintain

0.005

an

0.008

accommodative

-0.007 / 4

stance of monetary policy

-0.002 / 4

until these outcomes are

0.012 / 8

achieved. The Committee decided to keep the target

-0.012 / 8

range for the federal funds rate at 0

0.001 / 4

to 1/4 percent and

-0.007 / 2

expects it

-0.005 / 2

will be

0.001 / 4

appropriate to maintain this

0.069 / 2

target range

0.032 / 2

until labor

0.006 / 4

market conditions have reached

-0.047 / 9

levels consistent with the Committee's assessments of maximum employment

-0.003 / 5

and inflation has risen to

0.0 / 3

2 percent and

0.021 / 4

is on track to

0.017 / 4

moderately exceed 2 percent

0.035 / 8

for some time. In addition, the Federal Reserve

0.028 / 2

will continue

0.035 / 2

to increase

0.028 / 4

its holdings of Treasury

0.005 / 4

securities by at least

0.01 / 4

$80 billion per month

0.009

and

-0.026 / 2

of agency

-0.027 / 2

mortgage‑backed securities

0.0 / 4

by at least $40

0.006 / 2

billion per

0.008 / 2

month until

0.023 / 4

substantial further progress has

-0.009 / 4

been made toward the

-0.023 / 3

Committee's maximum employment

-0.024

and

0.02 / 8

price stability goals. These asset purchases help foster

0.012 / 8

smooth market functioning and accommodative financial conditions, thereby

-0.014 / 7

supporting the flow of credit to households

0.009 / 2

and businesses.

inputs

0.267 / 2

The Committee

0.177 / 2

seeks to

-0.214 / 3

achieve maximum employment

-0.039

and

0.473 / 4

inflation at the rate

0.436 / 4

of 2 percent over

0.467 / 8

the longer run. With inflation having run persistently

0.003 / 2

below this

-0.062

longer-run

-0.107

goal,

0.209 / 2

the Committee

0.003 / 2

will aim

-0.068 / 4

to achieve inflation moderately

0.002 / 4

above 2 percent for

-0.038 / 2

some time

-0.056

so

-0.113

that

-0.144 / 7

inflation averages 2 percent over time and

-0.594 / 2

longer‑term inflation

-0.358

expectations

-0.438

remain

0.115 / 4

well anchored at 2

0.049 / 2

percent. The

0.156

Committee

-0.0

expects

-0.192

to

-0.197

maintain

-0.212

an

-0.261

accommodative

0.227 / 4

stance of monetary policy

0.155 / 4

until these outcomes are

0.299 / 8

achieved. The Committee decided to keep the target

0.142 / 8

range for the federal funds rate at 0

0.081 / 4

to 1/4 percent and

-0.326 / 2

expects it

-0.31 / 2

will be

-0.34 / 4

appropriate to maintain this

-0.892 / 2

target range

-0.698 / 2

until labor

-0.082 / 4

market conditions have reached

0.258 / 9

levels consistent with the Committee's assessments of maximum employment

0.253 / 5

and inflation has risen to

0.136 / 3

2 percent and

-0.159 / 4

is on track to

-0.174 / 4

moderately exceed 2 percent

-0.245 / 8

for some time. In addition, the Federal Reserve

-0.19 / 2

will continue

-0.243 / 2

to increase

-0.11 / 4

its holdings of Treasury

-0.199 / 4

securities by at least

-0.187 / 4

$80 billion per month

-0.175

and

0.358 / 2

of agency

0.583 / 2

mortgage‑backed securities

0.314 / 4

by at least $40

-0.019 / 2

billion per

-0.117 / 2

month until

0.042 / 4

substantial further progress has

0.254 / 4

been made toward the

0.282 / 3

Committee's maximum employment

0.245

and

0.419 / 8

price stability goals. These asset purchases help foster

0.165 / 8

smooth market functioning and accommodative financial conditions, thereby

0.499 / 7

supporting the flow of credit to households

0.146 / 2

and businesses.

inputs

0.267 / 2

The Committee

0.177 / 2

seeks to

-0.214 / 3

achieve maximum employment

-0.039

and

0.473 / 4

inflation at the rate

0.436 / 4

of 2 percent over

0.467 / 8

the longer run. With inflation having run persistently

0.003 / 2

below this

-0.062

longer-run

-0.107

goal,

0.209 / 2

the Committee

0.003 / 2

will aim

-0.068 / 4

to achieve inflation moderately

0.002 / 4

above 2 percent for

-0.038 / 2

some time

-0.056

so

-0.113

that

-0.144 / 7

inflation averages 2 percent over time and

-0.594 / 2

longer‑term inflation

-0.358

expectations

-0.438

remain

0.115 / 4

well anchored at 2

0.049 / 2

percent. The

0.156

Committee

-0.0

expects

-0.192

to

-0.197

maintain

-0.212

an

-0.261

accommodative

0.227 / 4

stance of monetary policy

0.155 / 4

until these outcomes are

0.299 / 8

achieved. The Committee decided to keep the target

0.142 / 8

range for the federal funds rate at 0

0.081 / 4

to 1/4 percent and

-0.326 / 2

expects it

-0.31 / 2

will be

-0.34 / 4

appropriate to maintain this

-0.892 / 2

target range

-0.698 / 2

until labor

-0.082 / 4

market conditions have reached

0.258 / 9

levels consistent with the Committee's assessments of maximum employment

0.253 / 5

and inflation has risen to

0.136 / 3

2 percent and

-0.159 / 4

is on track to

-0.174 / 4

moderately exceed 2 percent

-0.245 / 8

for some time. In addition, the Federal Reserve

-0.19 / 2

will continue

-0.243 / 2

to increase

-0.11 / 4

its holdings of Treasury

-0.199 / 4

securities by at least

-0.187 / 4

$80 billion per month

-0.175

and

0.358 / 2

of agency

0.583 / 2

mortgage‑backed securities

0.314 / 4

by at least $40

-0.019 / 2

billion per

-0.117 / 2

month until

0.042 / 4

substantial further progress has

0.254 / 4

been made toward the

0.282 / 3

Committee's maximum employment

0.245

and

0.419 / 8

price stability goals. These asset purchases help foster

0.165 / 8

smooth market functioning and accommodative financial conditions, thereby

0.499 / 7

supporting the flow of credit to households

0.146 / 2

and businesses.

inputs

0.025 / 2

The Committee

0.022 / 2

seeks to

0.018 / 3

achieve maximum employment

0.016

and

0.006 / 4

inflation at the rate

0.006 / 4

of 2 percent over

-0.003 / 8

the longer run. With inflation having run persistently

-0.005 / 2

below this

-0.004

longer-run

-0.004

goal,

0.009 / 2

the Committee

0.003 / 2

will aim

-0.013 / 4

to achieve inflation moderately

-0.012 / 4

above 2 percent for

-0.009 / 2

some time

-0.003

so

-0.003

that

-0.022 / 7

inflation averages 2 percent over time and

-0.054 / 2

longer‑term inflation

-0.01

expectations

-0.013

remain

-0.005 / 4

well anchored at 2

0.006 / 2

percent. The

0.009

Committee

0.004

expects

-0.004

to

-0.005

maintain

-0.006

an

-0.006

accommodative

0.034 / 4

stance of monetary policy

0.026 / 4

until these outcomes are

0.036 / 8

achieved. The Committee decided to keep the target

0.035 / 8

range for the federal funds rate at 0

0.019 / 4

to 1/4 percent and

0.001 / 2

expects it

-0.0 / 2

will be

-0.002 / 4

appropriate to maintain this

-0.008 / 2

target range

-0.008 / 2

until labor

-0.015 / 4

market conditions have reached

0.039 / 9

levels consistent with the Committee's assessments of maximum employment

-0.013 / 5

and inflation has risen to

-0.01 / 3

2 percent and

-0.001 / 4

is on track to

-0.005 / 4

moderately exceed 2 percent

-0.0 / 8

for some time. In addition, the Federal Reserve

-0.009 / 2

will continue

-0.01 / 2

to increase

-0.003 / 4

its holdings of Treasury

-0.006 / 4

securities by at least

-0.004 / 4

$80 billion per month

-0.004

and

0.008 / 2

of agency

0.01 / 2

mortgage‑backed securities

0.003 / 4

by at least $40

-0.001 / 2

billion per

-0.003 / 2

month until

-0.005 / 4

substantial further progress has

0.007 / 4

been made toward the

0.018 / 3

Committee's maximum employment

0.015

and

-0.007 / 8

price stability goals. These asset purchases help foster

-0.006 / 8

smooth market functioning and accommodative financial conditions, thereby

0.01 / 7

supporting the flow of credit to households

-0.001 / 2

and businesses.

inputs

0.025 / 2

The Committee

0.022 / 2

seeks to

0.018 / 3

achieve maximum employment

0.016

and

0.006 / 4

inflation at the rate

0.006 / 4

of 2 percent over

-0.003 / 8

the longer run. With inflation having run persistently

-0.005 / 2

below this

-0.004

longer-run

-0.004

goal,

0.009 / 2

the Committee

0.003 / 2

will aim

-0.013 / 4

to achieve inflation moderately

-0.012 / 4

above 2 percent for

-0.009 / 2

some time

-0.003

so

-0.003

that

-0.022 / 7

inflation averages 2 percent over time and

-0.054 / 2

longer‑term inflation

-0.01

expectations

-0.013

remain

-0.005 / 4

well anchored at 2

0.006 / 2

percent. The

0.009

Committee

0.004

expects

-0.004

to

-0.005

maintain

-0.006

an

-0.006

accommodative

0.034 / 4

stance of monetary policy

0.026 / 4

until these outcomes are

0.036 / 8

achieved. The Committee decided to keep the target

0.035 / 8

range for the federal funds rate at 0

0.019 / 4

to 1/4 percent and

0.001 / 2

expects it

-0.0 / 2

will be

-0.002 / 4

appropriate to maintain this

-0.008 / 2

target range

-0.008 / 2

until labor

-0.015 / 4

market conditions have reached

0.039 / 9

levels consistent with the Committee's assessments of maximum employment

-0.013 / 5

and inflation has risen to

-0.01 / 3

2 percent and

-0.001 / 4

is on track to

-0.005 / 4

moderately exceed 2 percent

-0.0 / 8

for some time. In addition, the Federal Reserve

-0.009 / 2

will continue

-0.01 / 2

to increase

-0.003 / 4

its holdings of Treasury

-0.006 / 4

securities by at least

-0.004 / 4

$80 billion per month

-0.004

and

0.008 / 2

of agency

0.01 / 2

mortgage‑backed securities

0.003 / 4

by at least $40

-0.001 / 2

billion per

-0.003 / 2

month until

-0.005 / 4

substantial further progress has

0.007 / 4

been made toward the

0.018 / 3

Committee's maximum employment

0.015

and

-0.007 / 8

price stability goals. These asset purchases help foster

-0.006 / 8

smooth market functioning and accommodative financial conditions, thereby

0.01 / 7

supporting the flow of credit to households

-0.001 / 2

and businesses.